EDF not bidding for British Energy

PARIS (Reuters) - French power giant EDF (EDF.PA) early on Friday quashed speculation of a bid for British Energy BGY.L, saying conditions were not right for a big UK deal.

"After in-depth discussions, EDF considers that the conditions for a major development in Great Britain are not met to date," EDF said in a statement, adding it would hold a Paris news conference as planned on half-year results at 0700 GMT.

The announcement was an unexpected turnaround after sources familiar with the matter said just hours beforehand that EDF had agreed to pay around 12 billion pounds to buy nuclear operator British Energy in a deal to be announced on Friday morning.

On Thursday, EDF had scheduled a full news conference for Friday morning, something it does not usually do when reporting half-year results.

French news agency AFP reported late on Thursday that the board of EDF had met that evening and approved a bid for British Energy. EDF declined to comment on the report.

(Reporting by Marie Maitre, Tim Hepher; Editing by Marguerita Choy)