The merger would have resulted in one of the largest energy companies in Europe, given that the combined market value of these two companies exceeds 44 billion dollars. Still, it would fall short of the leaders on the Old Continent, Iberdrola and Enel, according to Reuters.

According to the British news agency, EDP made an approach before the summer. In May, the CEO of EDP, Miguel Stilwell d’Andrade, reportedly began discussions with the CEO and president of the British duo, Alistair Philip Davies and John Manzoni, respectively.

However, SSE management reportedly declined the proposal, preferring to focus only on its own growth, in isolation. The talks would have ended in June, according to one of the sources. The British publication states that “it is not clear” whether EDP’s proposal will be able to return to the table.

This news comes after the Spanish newspaper Cinco Días reported that, also during this summer, a merger between Naturgy and EDP was also discussed. According to LSEG data, mergers and acquisitions in the energy sector are showing strong dynamics this year, already totalling €110 billion globally (as of September 24), 43.5% of the figure recorded in the same period last year.