French newspapers were cheering on their country’s electricity champion, proclaiming in their headlines that EDF was now taking on Warren Buffett in the US.

The French state-controlled electricity group has been seriously put out by the veteran American dealmaker’s bid to take over its US partner, Constellation Energy. Late last Friday, EDF made a last-ditch attempt to outbid Mr Buffett. Together with its US private equity allies – KKR and TPG – the French group offered a 33 per cent premium to the bid from Mr Buffett’s MidAmerican Energy holding company.