Italian power company Enel plans to go ahead with a nearly 40 billion euro ($48 billion) bid for French utility Suez, the Wall Street Journal reported on Wednesday, citing people close to Enel.
Enel’s board is expected to make a decision on the bid during a scheduled meeting later on Wednesday. Its initial expression of interest for Suez last month triggered fierce opposition in France, which quickly announced a 70 billion euro merger between Suez and state-controlled Gaz de France.
