EDF of France is set to sell its UK electricity networks business to Cheung Kong Infrastructure of Hong Kong for £5.8bn, 45 per cent more than the price originally suggested for the deal, according to a person close to the negotiations.
The state-controlled French electricity group is expected to announce the sale with its half-year results on Friday morning. The deal at a stroke reaches the €5bn target the French utility set for disposals by the end of 2011.
CKI, controlled by Li Ka-shing, the Hong Kong billionaire, outbid a consortium of Macquarie of Australia, the Abu Dhabi Investment Authority, and Canada Pension Plan.
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