The Times reported that E.ON was keenly looking at the joint bid by EDF and Spanish construction conglomerate ACS. EDF has reportedly confirmed that it has been in talks with ACS, which controls 13% of Iberdrola.

The Times noted that key members on the E.ON board, including the firm’s CEO, Wulf Bernotat, are of the view that Spain represents a strategic priority in the face of E.ON’s unsuccessful bid to buy Endesa.

E.ON could either buy a stake in Iberdrola on its own or might consider a joint-bid with ACS, in order to avoid political opposition in Spain and also meet the guidelines of the competition authorities, according to the Times.