Saturday 16 December 2017

Bord Gais coy on number of bidders for energy unit

Donal O'Donovan

Donal O'Donovan

BORD Gais says there was strong interest in buying its Bord Gais Energy unit but would not confirm how many firm bids were formally made ahead of yesterday's deadline to buy the state owned assets.

Malaysia's biggest power group Tenaga Nasional Bhd, UK based Centrica and SSE as well as US private equity fund Blackstone have all been tipped as potential buyers.

Securing initial bids is a crucial first stage in the selling Bord Gais Energy.

Earlier this week Greece failed to garner a single bid for its state owned gas utility Depa after Russia's Gazprom pulled out at the last minute.

Like Bord Gais Energy its being sold under the terms of the country's EU/IMF bailout and the failed sale process is a big blow to the country's wider programme of asset sales.

The state is selling the retail arm of Bord Gais along with its electricity generation assets as part of the "New Ear" programme to sell off state assets as set out under the terms of the EU/IMF bailout.

Half the cash raised will be used to reduce debt with half will go into investment projects aimed at boosting employment.

Irish Independent

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