Italian oil and gas company Eni, together with Edison, a subsidiary of Électricité de France, have merged to acquire natural gas distribution company Ascopiave’s retail customers.
The companies are preparing rival bids for the business worth up to 600 million euros ($678 million).
Ascopiave will sell a majority stake of a portfolio of more than 700,000 clients as it intends to focus on its gas distribution network business in the northeast of Italy.
The company plans to use the proceeds from the transaction to strengthen its gas distribution business.