Eni SpA (E), Italy's biggest energy company by market value, submitted a bid for Belgium natural gas operator Distrigas SA (DIST.BT), daily la Repubblica reported Tuesday, without citing sources.
Based on Distrigas' stock market value, the 57.25% stake is worth about EUR4.2 billion. Eni is bidding against Electricite de France SA (1024251.FR) and Germany's E.ON AG (EOA.XE), according to the Italian newspaper.
Suez SA (SZE.FR) and Gaz de France (1020848.FR), two French power companies in the process of merging, are selling the Distrigas stake as part of the conditions set by regulators for approving the linkup.