EDF drops opposition to Exelon-Constellation merger
PARIS Jan 17 (Reuters) - France's EDF has agreed to withdraw its opposition to power group Exelon's purchase of Constellation Energy Group after reaching a deal to protect the operating independence of its nuclear joint venture with Constellation.
"After the initial announcement of the Exelon-Constellation merger, EDF made clear that it could not support a merger that put the integrity of its investment in CENG (Constellation Energy Nuclear Group) at risk," EDF finance head Thomas Piquemal said in a statement on Tuesday.
"After a lengthy regulatory review process in which we actively participated, we are pleased to have reached an agreement with Exelon that protects CENG's operational independence moving forward," he added.
The U.S. Department of Justice approved Exelon's $7.9 billion purchase of Constellation Energy Group last month on condition that it divest three electricity generating plants in Maryland to preserve competition.