Electricite de France S.A. ("EDF") today announced that, through its subsidiary EDF International, it has sent a letter to the Board of Directors of Constellation Energy (NYSE: CEG) proposing to acquire a 50% ownership interest in Constellation's nuclear generation and operation business for $4.5 billion. EDF's proposal also provides for an up-front $1 billion cash investment in Constellation to be credited against the purchase price for EDF's interest in the nuclear generation and operation business, and an option pursuant to which Constellation could sell non-nuclear generation assets to EDF having an aggregate value of up to $2 billion. EDF expects it can receive the necessary regulatory approvals for the acquisition of its interest in the nuclear generation and operation business and close the transaction within six to nine months, upon Constellation's termination of its proposed transaction with MidAmerican Energy Holdings Company and execution of a definitive agreement with EDF.
