French power giant EDF has put part of its UK business up for sale in a bid to reduce its huge debts .
The company said a sale of its UK distribution business would help it achieve its target of reducing its net debt, which stood at 36.8 billion euros at the end of June, by at least 5 billion euros by the end of 2010.
EDF Energy 's electricity distribution network supplies some eight million homes across London, the South East and the east of England, making it Britain’s largest electricity network.
Daniel Camus, EDF’s chief financial officer, said the company is seeking more than 4 billion euros for the unit.
He said that the group has received some interest, but added it is not yet held any formal discussions with interested parties.
Potential buyers are thought to include the Abu Dhabi Investment Authority and Cheung Kong Infrastructure, a group owned by Asia's richest man, Li Ka-shing and London-listed electricity firm Scottish and Southern Energy .
EDF Looking To Cut Debts With Sale Of UK Electricity Network
Tue, 06 Oct 2009
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