Centrica, the UK’s largest home power company, and Tenaga Nasional, Malaysia’s biggest energy group, have filed bids for the retail and power generation unit of Bord Gáis Eireann, sources have claimed.
SSE also planned to submit a bid, sources said yesterday before the 5pm deadline.
“In line with expectations, interest in the company is strong,” Bord Gáis said. The sale process is expected to conclude by the end of the year, the company said.
Bord Gáis and its advisers, RBC Capital Markets, may eliminate some bidders before calling second-round offers, people with knowledge of the matter said.
Bord Gáis is selling its energy division as part of an accord stemming from Ireland's €67.5 billion international bailout 2010. The business may be valued at as much as €1.4 billion, including debt.
Viridian Group, Northern Ireland’s largest energy supplier, was also lining up a bid, which may result in it taking on a partner, Bloomberg reported last night. Viridian is owned by Bahrain-based investment firm Arcapita.
