CORRECT:EDF Hasn't Received Formal,Financed Bids For UK Grids-Source

19th Jul 2010 17:57

("=EDF Hasn't Received Formal, Financed Bids For UK Grids-Source," at 1644 GMT, misstated the deadline date in the first paragraph. The correct version follows:) By Geraldine Amiel Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Electricite de France SA (EDF.FR) still hasn't received formal, fully financed bids for the potential sale of its U.K. power distribution grids, a person familiar with the matter said Monday, though there is still plenty of time with the deadline for potential buyers set for July 26. EDF is considering selling its three U.K. low-voltage electricity distribution grids as part of a plan to reduce its debt. The assets have been valued from around GBP4 billion to GBP5 billion. Companies made preliminary offers in March. But formal bids backed by financing have yet to emerge. Bidders include Hong Kong-based Cheung Kong Infrastructure, or CKI (1038.HK), and a consortium comprising sovereign wealth fund Abu Dhabi Investment Authority, Macquarie Capital and Canada Pension Plan. U.K. utility Scottish and Southern Energy PLC (SSE.LN) recently reiterated that it had decided not to seek to acquire an ownership interest in the networks on a scale that would require funding from a share issue, but that it would continue to work with Canada's Borealis Infrastructure on the sale process, which could result in SSE having a small ownership interest in the grids. EDF's Chairman and Chief Executive Henri Proglio said in an interview with Dow Jones Newswires at the end of June that he is still undecided on whether to sell the assets, even though the sale process is well under way. -By Geraldine Amiel, Dow Jones Newswires; +33 1 40171740; [email protected] (Carol Dean in London contributed to this article.) -0- (END) Dow Jones Newswires July 19, 2010 12:57 ET (16:57 GMT)