BALTIMORE (AP) — French energy firm Electricite de France spelled out its opposition to a proposed $7.9 billion takeover of Constellation Energy Group Inc. in a filing with Maryland regulators.
EDF is one of Constellation's largest shareholders and owns nearly half of the company's nuclear unit. The French firm says in a filing Monday that the deal would, among other things, inhibit develop of new generation and the growth potential of the Constellation Energy Nuclear Group.
Constellation Energy Group Inc. and Exelon Corp. have agreed to sell three Maryland power plants if the takeover is approved to deal with concerns the combined company would control too much of the market for electricity. The Maryland Public Service Commission has authority to approve or deny the deal because it regulates Baltimore Gas and Electric, a Constellation subsidiary.