EUROPE'S biggest coal-fired power station turned down a £1.9bn takeover proposal yesterday and pressed ahead with plans for a stock market listing.
North Yorkshire-based Drax rejected the indicative offer from a consortium including US power group Constellation Energy on the grounds that it was too low.
Talks with advisors to the consortium took place over the past week, while Drax also sounded out its shareholders over a deal.
It was convinced that there was no certainty that the consortium would be able to deliver on the proposal, which came with a string of conditions such as due diligence and involved paying back a sizeable chunk of Drax's £900m-plus debt.
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