SSE reportedly looking to bid on Energia

PERTH, Scotland, July 18 (UPI) -- U.K.-based Scottish and Southern Energy is readying a bid for Energia.

The firm, though it has stayed away from the British Energy rumors, is now reported to be considering buying Ireland-based Energia and expanding its presence there, the Irish Independent reported. Energia is set to go to auction before the end of the year.

Along with SSE, Germany's E.ON and Spain's Endesa have been named as potential bidders. In addition, there have been rumors for months that Sweden's Vattenfall was showing interest in buying out SSE, though no information has been released officially about that.

Energia is a subsidiary of Viridian, which is owned by Bahrain-based Arcapita. Energia is expected to sell at auction for about $3 billion.

SSE could increase its customer base significantly by acquiring Energia's assets. It is already a supplier in the area, which analysts said gives it an edge over the other bidders.