The Czech Republic's Energeticky a Prymuslovy Holding (EPH) and France's GdF Suez are said to have made the shortlist for a 51 per cent stake in Poland's Enea.
EPH has offered 25 zlotys per share, valuing the controlling stake at 5.63 billion zlotys (approximately €1.41 billion), while GdF Suez offered 24.9 zlotys per share or 5.6 billion zlotys (approx. €1.4 billion) for the stake.
The two other bidders are France's EDF and businessman Jan Kulczyk, who offered 5.4 billion and 5.2 billion zlotys respectively.
Spain’s Iberdrola also bid in the initial round in August; however, the electricity utility is now no longer in the running.
Enea is the last major vertically integrated utility in Poland to be put up for sale. It has 2.9 gigawatts of installed power at its Kozienice power plant and 2.3 million retail and corporate customers.
Poland’s treasury wants to sell its stake in Enea by the end of the year. It plans to use the proceeds to boost public finances and help it reach its target for sell-off proceeds of 25 billion zlotys (approx. €6.2 billion) in 2010.
The treasury is expected to pick two bidders for parallel negotiations on 12 October.
