British Energy Calls EGM To Approve Sale

LONDON, England -- British Energy PLC said it has called an Extraordinary General Meeting to seek approval for the disposal of its interests in Bruce Power and Huron Wind for Feb 10.

British Energy announced on Dec 23 that it had agreed to sell Bruce Power unit to a consortium led by Cameco Corp in a deal that could reach a maximum of CAN$770 million.

Other key members of the consortium include BPC Generation Infrastructure Trust and TransCanada PipeLines Ltd.

The deal will allow the consortium to take over majority of British Energy's 82.4 per cent stake in Bruce Power Ltd. Partnership and 85 per cent interest in Bruce Power Inc (BPI), the general partner in Bruce Power.

It will also involve the troubled nuclear generator's 50 per cent stake in Huron Wind Ltd Partnership.

Cameco already owns 15 pct of Bruce Power and BPI.

Source: AFX News Ltd.