China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
EDF drops Constellation bid as credit tight (Reuters)
2008.10.1626 minutes ago
PARIS (Reuters) - French state-controlled electricity giant EDF (EDF.PA) said on Wednesday it had dropped plans to table a new bid for Constellation Energy as the credit crisis has made corporate financing more difficult to obtain.
U.S. company Constellation has accepted an agreed $4.7 billion bid by Warren Buffett's MidAmerican Energy Holdings (MDPWN.OB). This was lower than a $6.24 billion bid by EDF and fund backers KKR (KKR.UL) and TPG.
EDF said: "Given the current state of financial markets and in particular the difficult credit market for corporates, and after discussions with several potential American partners, EDF has determined that current conditions are not conducive to presenting a new offer for Constellation Energy Group."
EDF said the United States was one of the four target countries for its international nuclear development.
It also confirmed its objective of developing at least four European Pressurized Reactors (EPR) in the United States in partnership with one or several American players. It said it continues to review closely all possible options.
EDF has a 9.5 percent stake in Constellation by way of a joint venture between the two groups.
The French group is a world leader in nuclear power stations, which make up the major part of France's electricity generation, and many countries are now looking again at nuclear power for its low CO2 greenhouse gas emissions and national strategic independence from oil and gas exports at times of high prices.
Waste, radiation and security issues mean nuclear energy is a political and social hot potato in many countries, such as Germany which is phasing nuclear stations out.
EDF is already acquiring British Energy Group Plc (BGY.L) Plc, owner of the UK reactor's network, for 12.5 billion pounds.
(Reporting by Marcel Michelson; Editing by Andrew Macdonald)
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