Iberdrola finalising British Energy bid

LONDON (Reuters) - Spanish energy group Iberdrola (IBE.MC) is understood to be putting the finishing touches to a bid for nuclear power generator British Energy Group BGY.L, the Times reported on Thursday.

The newspaper said Iberdrola, which owns Scottish Power, is expected to put forward an offer before a deadline set for Friday by Rothschild, the investment bank handling the sale.

France's EDF (EDF.PA) also met on Wednesday to give the go-ahead for its bid for British Energy, the Times reported.

The newspaper said both companies are expected to submit initial bids of between 600 pence and 700p a share, valuing British Energy at more than 9.6 billion pounds, the newspaper added.

The Times quoted sources close to the negotiations as saying Friday was only a preliminary deadline for bidders to provide details of financing arrangements.

(Reporting by Mike Elliott; Editing by David Holmes)