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Hong-Kong billionaire to bid for EDF's UK power business

Hong-Kong billionaire Sir Li Ka-Shing is set to bid more than £4bn for some of the UK's largest powe

The networks are currently owned by the French-controlled EDF, the Times reports.

EDF has invited final bids for its UK business, EDF Energy, which includes electricity distribution links to the London Underground, Heathrow and Gatwick airports, covering 20 per cent of the country's power supply.

The move will allow EDF, also a nuclear energy major, to cut nearly £37bn in debt resulting from acquisitions in 2008, which include nuclear generator British Energy.

Sir Ka-Shing's Cheung Kong Infrastructure (CKI) Holdings competes with two consortiums: the Scottish and Southern Energy with the Canadian infrastructure fund Borealis, and the Abu Dhabi Investment Authority with Macquarie Capital and Canada Pension Plan.

CKI, which owns 40 per cent of Hong Kong's power business, recently paid British Gas £212m for 50 per cent of natural gas producer Seabank Power, as part of its international expansion drive.