P2PReactor.com => Business => Drax ends takeover talks

Drax, Europe's largest coal-fired power station group, is to press ahead with plans for a stock exchange flotation after breaking off takeover talks with a US consortium. The company rejected the £2...

Drax, Europe's largest coal-fired power station group, is to press ahead with plans for a stock exchange flotation after breaking off takeover talks with a US consortium. The company rejected the £2.2bn approach from the BCHP consortium, led by Constellation Energy, as too low. The consortium - which included Perry Capital, Blackstone Group and Hellman & Friedman - entered exclusive negotiations with the Drax management at the beginning of November. "Drax and the BCHP consortium announce that they have agreed to discontinue discussions in relation to the BCHP consortium's proposal to acquire Drax," a joint statement said.