French energy giant EDF sells entire stake in US power group Exelon Corp for $623 mn

French energy giant, Électricité de France (EDF) today said that it had sold its entire 1.6-per cent stake in US power group Exelon Corp for €$470 million ($623 million).

The Paris-based company sold its stake at an average selling price of $34.70 per share, representing a 18.6-per cent premium on Exelon's closing share price on 10 January.

EDF, the world's largest nuclear operator, with 58 reactors, did not give any reason for the sale.

The move comes a year after the French state-controlled company withdrew its opposition to Chicago-based Exelon's $7.42-billion takeover of Constellation Energy after reaching an agreement with the US utilities on a nuclear-power venture.

EDF, which held a 7.2-per cent stake in Constellation, had opposed the sale on the grounds that the merger would cost Constellation Energy Nuclear Group, the nuclear joint venture, autonomy and control over its two nuclear reactors in Maryland.

With 2011 sales of € 65.3 billion, EDF, one of the leaders in the European energy market, is an integrated energy company active in all areas of the business, generation, transmission, distribution, energy supply and trading.

It is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 96.5 per cent of the electricity output is CO2-free. The company supplies energy and services to approximately 27.9 million customers in France.