/ Source: Reuters
Natural gas supplier KeySpan Corp. is up for sale and attracting offers of more than $6.5 billion, the New York Times reported on Friday, citing people involved in the process.
Two large utilities, Consolidated Edison Inc. and National Grid, are in the lead for a potential purchase of KeySpan, and their rivalry may spark a bidding war, the Times reported.
KeySpan is the largest natural gas distributor in the U.S. Northeast and fifth-largest countrywide. The company supplies about one quarter of New York City's capacity needs.
A KeySpan spokeswoman was not immediately available for comment.