SSE has turned down a takeover proposal from Portugal's leading utility, EDP, according to sources. Discussions between the two companies began earlier this year but failed to advance.
EDP reportedly approached SSE with the offer just before the summer, but SSE's management rejected the bid, with talks concluding around June.
Had the merger proceeded, it would have created one of Europe's largest utilities, with a combined market value exceeding $44 billion (£33.6 billion).
While EDP declined to comment, an SSE spokesperson stated, “We do not comment on market speculation.”
