Electrabel ready to top Iberdrola's bid in G-8 privatization
According to unconfirmed sources reported in Prawo i Gospodarka, Belgian
energy concern Electrabel has declared it is ready to beat the offer placed
by Spanish Iberdrola for the share purchase of Northern Poland's electrical
power distribution group G-8. Electrabel allegedly sent such statement to
the Treasury Ministry at the end of August, though no response has been
released so far. Today the deadline for negotiation exclusivity given to the
Spanish company will expire. The parties may sign the privatization
agreement by midnight. However, Prawo i Gospodarka claims the Ministry may
prolong the exclusivity period in view of the huge sums involved. It is
unofficially known that Iberdrola proposed the Treasury pay $ 400 million
for a 25% stake in each of the G-8 group's companies. The level of
investments planned by Iberdrola is near EUR 1.5 billion. (Prawo i
Gospodarka, p. 3) P.W.
