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Two consortiums lodge final bids for Australia's Endeavour Energy
[SYDNEY] Australian state-owned power grid Endeavour Energy has attracted final bids from two consortiums comprised of local and foreign investors, according to two sources involved in the process.
The offers for a majority stake in the utility, which is expected to fetch at least A$4 billion (S$4.174 billion) are binding and follow weeks of due diligence.
The two sources, who confirmed the involvement of consortiums led by Macquarie Group and Hastings Funds Management respectively, declined to be named for reasons of client confidentiality.
Three groups had put in non-binding bids for Endeavour in February, but one of them, led by Queensland Investment Corp, later pulled out of the process, the sources said.