SHAREHOLDERS in British Energy, Britain’s nuclear power group, are to be offered a share of the company’s future profits in a plan that should clear the way for it to be taken over by the French.

The scheme, sketched out by advisers in recent weeks, is aimed at breaking a stalemate over price. Electricité de France (EDF), the utility, made an indicative offer of about 680p a share for BE several weeks ago. The price values the group at about £9.5 billion.

Shareholders are holding out for a higher price, with some indicating privately they will not be satisfied with less than 800p a share. They argue that rising electricity prices make BE worth more than EDF has offered. BE shares closed on Friday at 726.5p.

Advisers are now putting the finishing touches to a revised, slightly higher basic price, and the offer of future payouts — to private shareholders and to the government, which has a one-third stake in BE — if the company continues to do well.

Sources close to the talks said the payouts would be geared to BE’s future power output and the price of the electricity.

“It is a kind of carried interest in the company. It will allow shareholders and the government to benefit if BE performs well in the future. It should remove the barriers to a deal,” said one source.

He said the talks were at a sensitive stage, and that there was no guarantee the deal would proceed.

BE’s board rejected EDF’s approach but, encouraged by ministers, the French group has remained in talks.

As revealed by The Sunday Times in May, EDF will set up a stand-alone UK group to house BE, in which Centrica, the parent company of British Gas, plans to take a 25% stake. It will receive seats on the board in return for investing £3 billion, about half of which may be raised from a placing of shares with institutions.

Ministers are eager to see the EDF takeover proceed because it will help kick-start plans for a new fleet of nuclear power stations in Britain.

EDF is experienced in reactor construction in its domestic market, while BE owns the sites on which the new British plants are likely to be built.

Meanwhile, the Tories have written to firms in the nuclear industry to reassure them there are no plans to reverse Labour’s commitment to new plants. “I am writing to you to give you an assurance that the essential elements required for building new nuclear power plants will remain unchanged should a Conservative government take control after the next election,” said the letter from Charles Hendry, shadow energy minister.

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