"We have taken the decision to seek de-listing with great reluctance but it is necessary to safeguard the interests of British Energy," group chairman Adrian Montague said in a statement.

The decision came a day after the European Commission approved a multi-billion pound bailout for British Energy after securing guarantees that the company would not breach EU competition rules.

The EU executive said it was satisfied that British-goverment subsidies of 3.48 billion pounds (5.09 billion euros, 6.26 billion dollars) were solely to support the costs of decommissioning nuclear plants.

News of the de-listing pushed the price of shares in British Energy down 17.8 percent at 15 pence in late deals.

The London FTSE 100 index fell 0.47 percent to 4,570.80 points.

Shareholders are angry that they will be left with only a 2.5-percent stake in the firm following the EU-backed bail-out and say they are entitled to more.

The government-backed restructuring, which was agreed last year but needs state aid clearance from the European Commission, involves banks and bondholders agreeing to write off debt in return for control of the group.

British Energy shares are expected to be de-listed on October 21, one day before an extraordinary general meeting, called by one of the rebel shareholders, US hedge fund Polygon Investment Partners LLP.

"The requisitionists are asking shareholders to gamble their interests and the company's future," Montague said.

"Major creditors have made it clear that they will take all steps to protect their interests.

"Passing these resolutions puts the company in real danger of administration. The board cannot support this and we will take what actions we can to protect the company," he added.

Under the terms of the approved restructuring plan, the commission said British Energy will ring-fence the nuclear generation capacities that are the only branch of its activities that are entitled to benefit from state aid.

Ring-fencing would mean that British Energy would create three separate businesses that have each its own separate account, the commission added.

All rights reserved. � 2005 Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.