ScottishPower prepares to defend against a hostile bid from E.On

ScottishPower is readying itself for a hostile bid from E.On if the two companies do not reach a compromise on the offer price from the German utility, according to a leaked report in The Times.

Talks have continued since E.On first expressed an interest in October, with ScottishPower unenthusiastic about the price range of 610p to 640p on offer, which represents between 9 and 14% of the company’s share price.