Government dilutes stake in British Energy to fund nuclear clean-up·
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Sale will raise £2.2bn at current share price· RWE to build new £600m gas-fired power station Mark Milner, industrial editorThursday May 31, 2007The Guardian
The government said yesterday it was selling a £2.2bn stake in nuclear power generator British Energy as the company announced a sharp rise in profits and its first dividend since a state-backed rescue operation in 2002.
Under an accelerated sale process which began yesterday morning and closes this afternoon, 400m shares are being offered to institutional investors.
The sale will cut the government's 64% stake, acquired at the time of the 2002 bail-out, to 39% but the Department of Trade and Industry said it was committed to keeping a holding of at least 29.9%.