Iberdrola said to decide against Australia's Endeavour offer

Sources say that the major Spanish power company will not be bidding on Australia's electricity distributor Endeavour Energy

Photo: /ritzau/Sisse Dupont/

Iberdrola SA, Spain's biggest power company, has decided against bidding for a majority stake in Australian electricity distributor Endeavour Energy that could be valued at more than AUD 4 billion (USD 3.1 billion), according to people familiar with the matter.

Iberdrola had been weighing a tie-up with a local partner to pursue a long-term lease of 50.4 percent of Endeavour, which is owned by the New South Wales government, the people said. Remaining bidders are studying detailed information on the company before submitting final offers that are due in May, according to the people, who asked not to be identified because the deliberations are private.

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