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Drax rejects £2.2bn Constellation bid

UK power company Drax last night rejected as too low a £2.23bn (€3.3bn) offer from a group led by US power firm Constellation Energy Group. It immediately pitched Drax against its largest shareholder, which called the offer "serious and attractive".

US hedge fund Stark Investment, Drax's largest shareholder with 10% of the capital, said the offer was attractive, Bloomberg reports.

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