Only one bid was submitted for a 49 per cent stake in gas utility SPP yesterday, the offer coming from a consortium formed between Gaz de France, the German Ruhrgas and the Russian Gazprom. While the tender commission did not reveal the size of the offer, sources close to the deal said it was slightly below $3 billion, and well above the lower limit recommended by privatisation advisor Credit Suisse First Boston. The tender commission will meet on March 5 to decide its next moves. Several other bidders who had been expected to submit offers – the French TotalFinalElf, the American Williams, the Italian Snam and the German E.ON - withdrew from bidding because of the intense competition, said the sale advisor.
Compiled by Tom Nicholson from press reports.
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