May 18, 2018 / 7:38 PM / 3 months ago

Enel would look at EDP assets in case of break-up - source

MILAN (Reuters) - Italy’s biggest utility Enel (ENEI.MI) would look at any assets of smaller rival EDP (EDP.LS) that came to market in case of a break up of the Portuguese energy group, a source familiar with the matter said on Friday.

The logo of Portuguese utility company EDP - Energias de Portugal is seen at the company's offices in Oviedo, Spain, May 14, 2018. REUTERS/Eloy Alonso

Earlier this month China’s state-owned utility China Three Gorges launched a bid to take control of Portugal’s biggest company in a deal that would be worth 9.07 billion euros (£7.9 billion).

Enel, which controls Spanish utility Endesa (ELE.MC), has previously said it is not interested in large-size acquisitions but would consider smaller bolt-on deals.

In an interview with Reuters in April Enel CEO Francesco Starace said the group would look at assets in Europe that came to market from break-ups.

Europe’s biggest utility is currently locked in a bidding war with Spain’s Iberdrola (IBE.MC) to buy Brazil’s largest power distribution company Eletropaulo Metropolitana SA (ELPL3.SA).

Reporting by Stephen Jewkes; Editing by Catherine Evans

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