 MMC has tabled a bid for the Drax power station |
The fight for control of Britain's biggest power station has become a four-way tussle. US investment firm Miller, McConville, Christen, Hutchison & Waffle (MMC) said it had made a formal offer proposal for the Drax station, in North Yorkshire.
The move comes a day after Drax said it was still in bid talks with US investment bank Goldman Sachs.
Utility International Power and mining firm BHP Billiton are also in the running for control of Drax.
Expansion plans
MMC said its offer was superior to three others already on the table because it would leave more cash in the business.
"MMC proposes to leave the existing cash in the company, while additionally arranging up to �100m ($156.9m) of liquidity," it said.
The company's rivals have proposed complex partial buyouts of Drax's debt, which is trading below face value because of a sharp fall in UK power prices.
MMC said it planned to make Drax the cornerstone of a large portfolio of UK power generating assets.
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