Enel said to be weighing hostile bid for Suez

0 Comments | AFP, March, 2006

MILAN (AFP) — Italian energy giant Enel is reported to be ready to launch a hostile takeover bid for French power group Suez in a move that would disrupt government-backed plans to keep Suez under French ownership.

Enel discussed the takeover at a board meeting Wednesday, with a final decision expected by mid-March at the latest, business daily Il Sole 24 Ore reported.

Enel is to present its strategic plan to analysts by March 23.

In a statement after the meeting Enel said simply the board "continued to examine its overseas initiatives while waiting for clarification from the European institutional framework."

The European Union's executive commission has given the French government until March 17 to explain how its plans for the merger of Suez and...