Potential investors in G-8 protest Iberdrola's late bid

Unofficial sources say that Spanish consortium Iberdrola has decided to improve its offer for a 25% stake in the G-8 group of northern power companies. The increase of $50 million, taking the bid to over $400 million, would move Iberdrola from last on the list of bidders to first. Representatives of the other three bidders, quoted by Puls Biznesu, have said that if the Ministry agrees to accept the higher offer from the Spanish concern, they would protest. Jacek Walczykowski, vice-president of Elektrim, said, "I do not believe the Ministry would allow Iberdrola to improve its offer. In case these rumors are true, we would definitely appeal to the Supreme Administrative Court (NSA) against such a decision." Explaining the reason for his objection, Walczykowski went on, "A fundamental change in an offer, based for example on raising the price, would be possible only in a situation where the Ministry would present such a proposal to all potential investors. In any other case the bidding procedure would be violated." Treasury Minister Aldona Kamela-Sowinska may decide today on which of the four potential investors qualify for the bid. Prior to the rumored offer from Iberdrola, the favorites had been Elektrim, and Electrabel of Belgium. (Puls Biznesu, p. 3) P.W.