MADRID (Reuters) - Spanish power and gas company Gas Natural (MC:GAS) has approached Portuguese rival EDP (LS:EDP) over a potential 35 billion euros merger to create Europe's fourth biggest utility by market value, people familiar with the matter said.
Discussions over the operation and its potential structure are still at an early stage and there is no certainty over their outcome, four sources said, although Gas Natural chairman Isidre Faine has already reached out to his Portuguese counterpart Antonio Mexia to find out about his interest for a tie-up.
Criteria, Gas Natural and EDP all declined to comment.