French company EDF raises bid for Constellation

UNDATED (AP) -- A French nuclear power company is upping the ante for wholesale power supplier Constellation Energy Group Inc., offering to pay $8.50 per share more for the company, which has agreed to be sold to a unit of Warren Buffett's Berkshire Hathaway Inc.

Electricite de France SA offered Monday to pay $35 per share for the Baltimore company.

EDF made the offer in conjunction with private equity firms Kohlberg Kravis Roberts & Co. and TPG Capital. EDF owns nearly 10 percent of Constellation Energy now.

EDF calls the offer from Berkshire's MidAmerican Energy Holdings Co. inadequate, but Constellation's CEO Mayo Shattuck told analysts Monday the company has accepted what it considers the best offer.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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