FRANKFURT (Reuters) - German utility Steag, which has been put up for sale by its owners, awaits binding bids by the beginning of June, one of its supervisory board members told a newspaper, adding Czech energy group EPH has presented what could form the basis of a deal.
"We are making good progress. At the beginning of June we'll know which binding bids there are," Michael Vassiliadis, head of trade union IG BCE and a member of Steag's supervisory board, told Rheinische Post.
"To my knowledge, EPH has presented a coherent plan. But so have others."
A spokesperson for EPH declined to comment.
Steag, which is owned by six municipal utilities in Germany's industrial Ruhr region, aims to sign a deal with a strategic buyer or financial investor over the coming months and close the transaction by the end of the year.
The utility has renamed the renewables part of its business Iqony in anticipation of the sale but Vassiliadis, who is an executive committee member of Steag's supervisory board, told the paper there would not be a breakup following a sale.
(Reporting by Christoph Steitz; editing by Barbara Lewis)