Italy's Enel is set to attempt a multi-billion euro takeover bid for Suez if the French utility does not agree to sell its Belgian unit Electrabel, a source said today.
"Enel is ready for the bid from the technical point of view. All the instruments, the funds for the bid are ready," the source said. "But the takeover can be avoided if there is a deal for Electrabel."
The source said Enel was also waiting for the outcome of a meeting between Italian and French economy ministers next Monday before making a move on Suez, for which no timeframe has been fixed.
Officials at Enel declined to comment.