UPDATE 5-British Energy gets bid approaches, shares jump

(Adds detail throughout)

By Mathieu Robbins and Chris Wills

LONDON, May 16 (Reuters) - The UK's biggest electricity producer, British Energy (BGY.L: Quote, Profile, Research, Stock Buzz), said on Friday it has received several takeover proposals which value it at more than 10.8 billion pounds ($21 billion).

Sources briefed on the talks said the company is in contact with three parties: EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), a group made up of Germany's RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) and Spain's Iberdrola (IBE.MC: Quote, Profile, Research, Stock Buzz), and France's Suez (LYOE.PA: Quote, Profile, Research, Stock Buzz).

The nuclear generator had received just one offer, from EDF, by a deadline for second-round bids last Friday, said the sources. That bid was below 700 pence per share, they added.

However, RWE and Iberdrola have since expressed interest in making a joint bid, one of the sources said on Friday -- though no decision has been taken on whether to proceed with an offer.

Suez is also in talks with British Energy but the company is unlikely to bid as it has said it will not undertake such major deals until it has completed a merger with rival Gaz de France.

A source briefed on Suez's thinking said the company is more interested in taking part in UK power plant construction than in buying British Energy.

Hence it is pursuing a co-operation agreement with the UK generator, though it has not ruled out making an offer in a few months if the company has found no buyer, said the source.