Bloomberg quoted two people with knowledge of the potential deal said state Grid International of China offered to buy 25% of Portuguese power grid operator REN Redes Energeticas Nacionais SA.

One of the people said Oman Oil Co separately made a bid for 15% of REN.

Portugal is planning to sell as much as 40% of REN which runs the country electricity and gas grids as a condition for receiving an aid package from the European Union and the International Monetary Fund. Bidders were required to put in proposals to buy between 5% and 25%. The state owns 51% of REN.

An official at the Finance Ministry declined to comment.

State Grid a unit of China largest power distributor, is offering about EUR 2.90 a share for 25% of REN and Oman Oil Co is offering about EUR 2.70 a share for 15%.

One of the people familiar said State Grid offered a premium of more than 40% over the January 20 closing share price of EUR 2.07 and Oman Oil offered a premium of more than 30%.

(Sourced from Bloomberg)