Spanish power utility Iberdrola SA (IBE.MC) is looking at possible deals in the United Kingdom including a move for British Energy PLC (BGY.LN), but it hasn't yet made any decision on the matter, a company spokesman said Tuesday.
The spokesman was responding to an earlier press report in Spain's financial newspaper Expansion, saying that the company is readying a non-binding bid for a 35% stake in British Energy.
The spokesman reiterated recent comments from Iberdrola's Chairman Ignacio Galan, saying that the company was mulling a possible expansion in the British energy market, particularly after last year's acquisition of the utility Scottish Power.
According to the Expansion report, Iberdrola, advised by Dresdner Kleinwort Wasserstein, would face competition for British Energy from Elecricite de France SA (1024251.FR), backed by Merrill Lynch (ML), and RWE AG (RWE.XE), which has teamed up with Deutsche Bank AG (DB).