LISBON (Dow Jones)--The Portuguese government isn't willing to sell a stake in Portuguese electricity grid operator Redes Energeticas Nacionais (REN.LB), or REN, to Spain's Enagas SA (ENG.MC), Diario Economico reports Monday citing a government unnamed source.
The paper reports the decision won't impede the strategic alliance between REN and Enagas, but it means Enagas will have to buy its REN shares in the stock market, rather than via a stake swap.
REN also has a strategic alliance with Red Electrica Espana SA (REE.MC).
Prime Minister Jose Socrates surprised the market late last year when he said he did not plan to float a further stake in REN as initially planned, holding on to its 51% stake.