ENI TIPPED TO TAKE OVER ENERGY FIRM NUON

Holland's second largest energy concern Nuon has a preference to be taken over by Italy's power group Eni, reports Friday's Volkskrant. Eni, Denmark's Dong and Sweden's Vattenfall have all been given more time to make a bid to take over Nuon, which is owned by local governments, the paper says.

Quoting sources close to the negotiations, the paper says Nuon’s management prefers Eni because it sees it as a strong strategic partner. The final decision on a buyer is not expected until the bids have been submitted, it says.

Nuon has been valued at around €7bn. It says Eni is an interesting partner for Nuon because of its contacts with major gas producing countries such as Russia, Algeria and Libya. The Netherlands domestic reserves are due to run out in the coming 20 years. read more (dutchnews.nl)

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January 26, 2009