Vattenfall, the Swedish utility, will have little room for further acquisitions if it succeeds in its Skr32bn (€3.6bn) bid, including assumed debt, for Danish rival Elsam, according to rating agency Standard & Poor's. Andreas Zsiga, a rating analyst at S&P, said the bid, which would derail an agreed merger between Elsam and local rival Dong, would not harm Vattenfall's single-A rating because the company has more than Skr14bn in cash and was expected to be acquisitive. However, Zsiga said Vattenfall would have limited flexibility for further deals.

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