E.ON In Exclusive G-8 Talks

E.ON, Europe's second largest utility, was chosen for exclusive talks to buy a stake in a group of eight power distributors, known as G-8, Polish daily Prawo I Gospodarka reported, without citing anyone.

The government may raise as much as 5 billion zloty ($1.25 billion) from selling as much as eighty five percent of the group of distributors, the paper said. The government will make a final decision on Tuesday on whether to increase the amount of the sale, the paper said, without citing anyone.

The government had planned to sell as much as twenty five percent of the group, worth an estimated half billion dollars. As Poland has raised only 667 million zloty from state asset sales during the first five months this year, or about a ten percent of the amount planned, it may decide to increase the amount to be sold, the paper reported.

E.ON is one of four bidders and the third company to enter sole talks over the sale, according to press reports. Other bidders include Spain's Iberdrola SA, Belgium's Electrabel SA and Elektrim SA, Poland's power and phone company. Poland ended exclusive talks last year with Iberdrola and later Elektrim on the sale, the paper reported earlier.

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