Allianz reportedly bids €1.8bn for Net4Gas

German insurer Allianz SE (ETR:ALV) has made an offer of €1.8bn ($2.3bn) for RWE AG’s (ETR:RWE) Czech gas transmission unit Net4Gas sro, outbidding local group Energeticky a Prumyslovy Holding as’s (EPH) €1.75bn bid, according to sources cited today by Slovak daily Hospodarske Noviny.

The paper quoted Miroslav Bodnar, advisor to Slovak utility SPP’s chairman Daniel Kretinsky. Bodnar also said that the sale was still ongoing.

EPH bought 49% in SPP in January for €2.6bn.

Earlier in March, Reuters cited insiders as saying that Allianz and Canadian investor Borealis Infrastructure Trust were preferred bidders in the race for Net4Gas, which runs over 3,600km of pipelines.

The company has more than 500 staff and generated some 11% of RWE’s net profit in 2011. Under an asset sale programme, RWE offered Net4Gas for sale last year.