SSE has reportedly rejected a takeover approach by Portuguese power firm EDP.
According to Reuters, Portugal’s main power utility began merger discussions with the London-listed SSE earlier this year, but talks did not progress.
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The news agency reported that EDP made the approach just before the summer, but the SSE management rejected the offer, with talks ending around June.
The proposed merger would have created one of Europe’s largest utilities, with the companies’ combined market value exceeding $44bn (£33.6bn).
EDP declined to comment and a spokesperson for SSE said: “We do not comment on market speculation.”