Power saviour?

Swedish energy company Vattenfall has made a last-minute offer to buy 82.4 million shares at Enea's IPO last week, the company said. The 18.7 percent stake will cost a total of zł.1.66 billion and will value Enea, currently state-owned, at about zł.8.8 billion, an updated issue prospectus showed.

"We have submitted an offer, but we will not disclose the details," Łukasz Zimnoch, a spokesperson for Vattenfall toldGazeta Wyborcza.

"It's an offer for a very significant amount, at zł.20.14 per share," Deputy Treasury Minister Joanna Schmid told Reuters.

Schmid said that Enea would not sell all of the 149.2 million shares it had originally planned to float, instead only managing to sell off 103.8 million. The original amount would have equaled 30 percent of the company's capital. The deputy minister said that the value of the IPO would be closer to zł.2 billion than the zł.3 billion Enea was targeting.

Vattenfall's was the only offer made for the company's IPO after CEZ and RWE backed out of negotiations early last week. The Polish government was eager to involve firms from various sectors to take control of Enea. The sale is open to three types of investors; institutional, individual and branch investors. Of the latter, there should be at least two. The second branch investor has not yet been found.

The European Bank of Reconstruction and Development, buying 11 million shares, or 2.5 percent, is the only other significant investor interested in the company.