A minority stake in a new GBP20 billion (US$27.1 billion) nuclear power station on England's east coast will be sold to institutional investors or floated on the stock market under UK government plans to oust China's CGN from the project.
The prime minister's office is closing in on a deal that would force state-owned CGN to give up its 20 per cent stake in the Sizewell C nuclear plant in Suffolk.
The government would hold the stake until it could be sold on to institutional investors, according to people briefed on the plans. Another option being examined would be to float the stake on the stock market through an initial public offering, the people said.
CGN's involvement in Britain's civil nuclear programme has come under intense scrutiny since the government banned Shenzhen-based telecoms equipment maker Huawei from its 5G mobile phone network last year.
The technology group, also a target of US prosecution and sanctions, is scrambling to reinvent itself as restrictions derail its traditional business.