Invesco in U-turn over British Energy's shake-up

Daily Mail, London --Sep. 10

Sep. 10--British Energy's largest shareholder said it is not backing calls for the nuclear generator's restructuring to be renegotiated -- just two months after saying it was.

Invesco, with a 10.1 percent stake, said in late July it was backing moves to overhaul the scheme where shareholders end up with just 2.5 percent of the company.

However, yesterday it said: "Invesco is not currently involved in efforts to promote an alternative restructuring."

The U-turn came about because Invesco held bonds in BE at the time of the earlier comments, which have since been sold.

It is the second blow in as many days to Polygon and Brandes, who are pushing for the restructuring to be changed.

It follows yesterday's damning report of BE from the Committee of Public Accounts.

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