Three Companies Reportedly Bid on Enron Trading Unit - TheStreet

Enron

(ENE)

reportedly received formal bids to acquire a majority stake in its energy-trading unit from at least three suitors.

The offers from

Citigroup

(C) - Get Report

,

UBS

and

BP

(BP) - Get Report

will be considered by the company's advisers in an auction scheduled for Thursday,

The Wall Street Journal

reported.

The paper cited people familiar with the matter who said

J.P. Morgan

(JPM) - Get Report

didn't make a bid, and noted that

Goldman Sachs

(GS) - Get Report

and

American International Group

(AIG) - Get Report

had also considered offers, but that it was unclear if other bids had been proffered.

Enron, which sought Chapter 11 bankruptcy protection in December amid a liquidity crunch, is trying to set up a joint venture for the high-profile trading arm under which a solvent partner would own a majority stake and revive the EnronOnline operation. Under the plan, Enron wouldn't receive a significant cash payment for the stake, but would share in profits generated by the unit in the future.

The company's advisers are expected to seek higher bids for the unit in the bankruptcy court auction scheduled for Thursday.