The state sell off of Bord Gais Energy is not progressing too well – which may not please the IMF. The sell off of selected state assets was included in the IMF/ECB bailout agreement.
(The National Lottery was sold off earlier this month for €405m.)
One of the bidders for Bord Gais Energy – Malaysia’s Tenaga Nasional, has scrapped their bid , narrowing the field to just two.
It looks like the 2 remaining bids are from a group led by Viridian Group (backed by Macquarie Group), and from Centrica Plc, the UK’s largest power company.
Leaked reports say that the Viridian-led offer is above a €1 billion reserve set by Bord Gais, while Centrica’s is below.
The Government expect the sell off to be completed before the end of the year. (2013)
Irish Water – which will be part of Bord Gais – is not included in the Bord Gais Energy sale.
Read more here about the Bord Gais Sell Off