Swiss-based Glencore International AG, the giant privately owned metals and mining group, has ruled itself out of the bidding for the London metal trading arm of collapsed US energy group Enron Corp.
"We have not submitted a bid for the business," said a Glencore spokeswoman.
Glencore has been named as a front runner for the London Metal Exchange trading operation, Enron Metal Ltd, in recent newspaper reports.
PriceWaterhouseCoopers, administrators to the collapsed US energy group Enron, are expected this week to unveil the sale of Enron Metal, the largest firm on the LME.
When asked about the timing of any announcement a PWC spokesman declined to comment. The deal will be the third major disposal to be agreed in the UK since Enron's European operations went into administration at the end of November.
As well as Glencore, newspapers have named other industry players San Diego based Sempra Energy and BP PLC as potential bidders.
Among banks, the press have mentioned Goldman Sachs Group Inc, Citigroup Inc and American International Group Inc as well as UBS and HSBC Holdings PLC.
But a source close to the deal said HSBC was also "not a credible runner".
Enron Metal became a ring dealing member of the LME in May 2000 with the acquisition of metals trader MG which employed 330 staff in 14 countries at the time of the takeover.
The deal formed part of Enron's move into trading products outside its core energy activities.
But Enron Metal, which has operated independently of Enron on the LME since its parent company filed for bankruptcy protection, is now expected to fetch less than its purchase price.
The deal is not expected to include Enron's international metals warehousing side, which was up for sale before Enron's collapse and will be sold separately. AFX