Electricite de France SA (1024251.FR) may already own a 6% stake, through derivatives, in Spanish utility Iberdrola SA (IBE.MC), Expansion reports Thursday, citing sources in financial markets.
EdF has said it's mulling a bid for Iberdrola, adding that it has decided nothing yet, and an offer may not be imminent.
Ibedrola's Chairman Ignacio Galan said earlier this month that EdF is "not welcome" at Iberdrola as a shareholder or bidder, and criticized the company's status as a state-controlled company shielded from foreign takeovers and foreign competition.