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EDF, which is 80 percent owned by the French government, offered $23.17 billion for British Energy Wednesday morning, The Times of London reported.

Two major shareholder groups, Invesco Perpetual and M&G, rejected a previous, slightly smaller EDF bid for the company in July, the Times reported.

If the deal goes through, British Energy's Chief Executive Officer Bill Coley said EDF would need to sell other nuclear sites to avoid complaints of anti-competition.

British Energy owns eight nuclear plants. EDF plans to build four more in Britain, the Times reported.

The British government, which owns 35 percent of British Energy, would reap $7.4 billion from the sale, the Times said.

"This deal is good value for the taxpayer and a significant step towards the construction of a new generation of nuclear stations to power the country", Prime Minister Gordon Brown said.

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