Endesa is considering a €2.5bn-plus ($2.1bn) offer for Elettrogen, the Italian power company being auctioned by Enel, under the joint advice of Credit Suisse First Boston, Merrill Lynch and Lehman Brothers.

Endesa, Spain's largest electricity company, is advised by Dresdner Kleinwort Wasserstein. The utility is the lead contender to take control of Elettrogen, according to London utility analysts.