EDF has moved within striking distance of seizing control of British Energy, spending £2.21 billion snapping up shares in the company the day it unveiled the bid.
The French company, majority owned by the French government, finally launched a £12.5bn bid for the East Kilbride headquartered nuclear operator on Wednesday.
Yesterday, EDF revealed it had spent Wednesday buying almost 275 million British Energy
shares at 774p.
The raid gave the company a stake of 26.5 per cent in British Energy, which is in addition to the 45.2 per cent of shareholders who have given irrevocable undertakings to accept the EDF bid.
Between its holding and undertakings it now controls almost 72 per cent of the company, not far short of the 75 per cent which it requires to take the company private.
Shareholders who have given irrevocable undertakings include the UK government, which owns around a third of British Energy, and Invesco, the company's largest private-sector shareholder.
A spokesman for EDF would not comment on the identity of key shareholders which had sold shares on Wednesday other than to say that the shares were in addition to the irrevocable undertakings.
However, there were some reports that M&G, British Energy's third-largest shareholder which blocked an earlier bid, may have accepted the offer.
The bid is conditional on EDF gaining 75 per cent of British Energy shares, as well as the merger being cleared quickly by the European Commission.
Invesco opposed an earlier 765p a share bid, but the renewed offer includes an option under which shareholders can share in the future success of the company.
Wednesday's share purchases, which were all at 774p, suggest most shareholders are willing to accept the cash immediately.
As part of the deal, EDF is required to come up with a " credible" portfolio of sites that can be developed by rivals for new nuclear plants.
