British Energy sale completed 7 weeks late

The long, drawn-out sale of British Energy (BE) to EDF Energy has come to an end after the French energy firm bought BE for £12.5 billion, it has been reported.

The long, drawn-out sale of British Energy (BE) to EDF Energy has come to an end after the French energy firm bought BE for £12.5 billion, it has been reported.

Seven weeks after the original deal was set to go through, the two companies have now finally tied up in a move that the government hopes will kick-start the country's ''nuclear renaissance''.

The purchase of BE - at 774p per share - also allows Centrica, the owner of British Gas, to buy 25 per cent of Lake Acquisitions, the purchasing vehicle for EDF.

Centrica has long been attempting to buy BE but the government has had a keen eye on a tie up between BE and EDF, as the French energy company is already known for its nuclear power experience.

Speaking to the Guardian, one analyst said: "It is positive for EDF and takes away the risk that they will pay off the wall, and the price is reasonable.

"There is clearly value in nuclear and building nuclear plants but it is quite long-term."