Electrabel tenders highest offer in bid for G8 group

Belgian concern Electrabel's offer has topped all other bids to purchase 25% of the G8 heat and power distribution group. The proposed offer was $460 million, according to an unofficial source at Puls Biznesu, beating the German Eon and Spanish Iberdrola bids, as well as the recent proposal of Polish consortium Elektrim, Kulczyk Holding, PKN Orlen and Polish Oil and Gas (PGNiG), which had been ready to pay $401 million. The offer prices illustrate Electrabel's valuation of G8 Group customers at zl.3,100 per head and the Polish consortium's estimation at zl.2,700 thousand per head. The G8 tender is likely to be delayed as Arthur Andersen, advisory to the Treasury, has failed to deliver its recommendation within the one week deadline since the offers were submitted. (Puls Biznesu, p. 4) M.T.