Iberdrola SA (IBE.MC) is withdrawing from the bidding process for British Energy Group PLC (BGY.LN), a spokesman for the Spanish electricity company said Thursday, confirming an earlier report from Spanish news agency EFE.
The Iberdrola spokesman said his company hadn't presented a formal bid for the U.K. company.
EFE quoted Iberdrola Chairman Ignacio Sanchez Galan as saying the price expectations of the U.K. company's board "were over what we consider reasonable."
Electricite de France SA (1024251.FR) is the only company known to have presented a bid for British Energy, though numerous other European energy companies have expressed an interest in doing so.
The U.K. government started an auction for its its 35.2% stake in British Energy earlier this year. The buyer of the stake would have to make an offer for the whole company.