EDF Closer to New Constellation Bid: Report

EDF is nearing a deal with private equity group Kohlberg Kravis Roberts that it hopes could trump Warren Buffett's agreement for a takeover of Constellation Energy(CEG Quote), according to a report.

Pierre Gadonneix, chief executive of French electricity company EDF, plans to meet KKR executives in the U.S. this week to finalize details of a new offer for Constellation, the Financial Times reports. EDF hopes to convene a board meeting in the next two weeks to approve a revived approach with KKR.

EDF's advisers are working out the structure of any bid vehicle in order to comply with U.S. regulations, which bar majority foreign ownership of nuclear assets, the Financial Times reports. Constellation, which agreed to the Buffett bid after its credit rating was threatened last month, operates three nuclear power sites on the East Coast of the U.S.

MidAmerican Energy Holdings, a unit of Buffett's Berkshire Hathaway(BRK-A Quote), agreed to buy Constellation Energy last month for about $4.7 billion.

MidAmerican said in a press release Thursday that it completed its due diligence of Constellation's retail and wholesale businesses, and the merger of the two companies continues to proceed as outlined.