Circuit Judge Stuart R. Berger agreed Thursday with the state, which argued Constellation could not appeal while the Maryland Public Service Commission was reviewing the $4.5 billion deal. EdF is seeking to buy nearly half of Constellation's nuclear operations.

The PSC doesn't regulate Constellation, but regulates its Baltimore Gas and Electric utility. Constellation says the deal is permitted under a settlement that raised the trigger for state review to 20 percent of Constellation's shares or its board.

EdF would take a 9 percent stake, but the PSC said the rule doesn't apply because EdF would acquire other rights and assets.

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