Qatar's Nebras-CGN tie-up said vying with TNB for 1MDB power arm

The overseas bidders had expressed willingness to pay a higher price for the state investment company

KUALA LUMPUR: Qatar’s Nebras Power QSC is in talks to partner with China General Nuclear Power Corp (CGN) in the bidding for 1Malaysia Development Bhd’s power business, people with knowledge of the matter said, potentially pitting a foreign consortium against Malaysia’s biggest listed energy producer.

The overseas bidders had expressed willingness to pay a higher price for the state investment company’s Edra Global Energy Bhd unit than Tenaga Nasional Bhd (TNB), the people said, asking not to be identified as the negotiations were private. State-controlled TNB is wary of overpaying because it needed to justify any acquisition to shareholders, one person said.