E.ON, the German utility, this morning said it had ended takeover talks with UK rival Scottish Power. E.ON's proposed all-cash offer valued Scottish Power at £11.3bn (€16.5bn). The company did not rule out turning hostile.

E.ON, advised by Lazard, said in a statement this morning it had been told by Scottish Power's board that it "did not wish to take E.ON's proposal forward and will neither recommend E.ON's proposal to its shareholders nor grant E.ON due diligence access."