Enel is ready to pull the trigger on its long-awaited multi-billion euro bid for France's Suez "at any moment," an industry source said, as pressure mounted on the Italian utility to clarify its plans.
Enel first voiced its aim to move across the Alps a month ago but met fierce opposition in France, where the government announced a 70 billion euro ($85 billion) merger between Suez and state-owned Gaz de France.
"Enel is ready to launch the take-over at any moment," the source told Reuters on condition of anonymity, responding to a report in France's daily Les Echos that Italy's biggest utility would postpone or scrap the move.
"Everything is ready from the financial and technical point of view. The choice of the moment has little to do with the general elections in Italy ," added the source.
The elections are due on April 9-10. Enel declined to comment on Les Echos' report. Sources familiar with the situation said Enel had not set a timetable for any bid for Suez.
Suez on Tuesday confirmed it had been in indirect contact with Enel, amid speculation of a deal on assets to avoid a costly take-over war, but said those contacts had been suspended.
Enel, Italy's former power monopoly, said last month it might bid for Suez to win the prize energy asset, Belgium's Electrabel. It has not made any formal offer, but has already won 50 billion euros in bank financing for the bid. Enel presents its future strategy in London on Thursday after its board meets to approve 2005 results on Wednesday.
"The outcome of the Enel/Suez deal remains uncertain," Milan-based Rasbank wrote in a note on Wednesday. "The presentation to the financial community on March 23 will serve to clarify Enel's foreign expansion project."
But other analysts doubted the company would give details of a bid and suggested Enel would instead present its industrial targets for 2006-2010.