Malaysian energy provider Tenaga Nasional Bhd has been linked with a bid for the retail and power generation unit of Bord Gais Eireann.
According to reports by Bloomberg, the Kuala Lumpur-based company, which is Malaysia’s largest power group, is considering its first venture into the European utilities market through a bid for certain assets of Bord Gais.
The sale of Bord Gais’ Energy division has been mooted for quite some time as part of the Government’s overall strategy to divest of certain state assets and raise € 3 billion. It is expected that the sale could raise as much as € 1.5 billion. Bord Gáis is made up of two major divisions and Bord Gáis Networks will remain in State ownership.
Other bidders that have been linked with Bord Gais include Centrica, the UK's largest household energy supplier, which has appointed Citigroup, Goodbody Stockbrokers and Arthur Cox to advise it.
SSE Plc, the UK's second biggest energy supplier, which owns Irish-based wind power provider Airtricity, is also expected to bid, as are France's GDP Suez SA, US private equity giant Blackstone, Spanish group Iberdola, German energy company E.On, Energia owner Viridian, a Dubai-based sovereign fund and Singapore's Keppel Corp.
Initial offers for the energy provider are due tomorrow.
