The deputy chairman of Russian gas major Gazprom has denied his company is in talks to takeover UK utility Scottish Power following heavy speculation.

Alexander Medvedev has told reporters in Germany that Gazprom, Russia’s state controlled gas utility, was not considering a move to buy highly coveted Scottish Power, but he conceded that his company might consider buying a stake in the UK company.

The speculation comes as Mr Medvedev confirmed that Gazprom is looking to acquire a footprint in the western European power industry. Meanwhile, profitable Scottish Power is a hot property in the energy sector. The company has already fended off enthusiastic advances from E.ON.

However, following its recent change of CEO, the UK energy provider is now believed to be more open to a takeover, which will interest Gazprom and possibly draw a renewed bid from E.ON.

Meanwhile, Mr Medvedev is in Germany to discuss business with E.ON, including buying a stake in the German company’s gas trading and storage operations, according to AFX News.