Bidders circling failing Enron

BIDDERS are moving in on Enron's European operations as the US energy trading giant undergoes one of the most spectacular collapses in modern corporate history. Texas-based Enron is teetering close to bankruptcy, weighed down by £16bn debts.

The collapse disrupted international energy markets and hammered shares as investors tried to gauge the impact. Centrica confirmed a £30m exposure. Barclays said reports of a £400m exposure were 'way too high,' said a source.

Enron's Wessex Water, which is for sale, said services will be unaffected and its 1,400 jobs are safe for now.

Money broker ICAP is among those looking at Enron's City operation, which trades energy, metal and their financial derivatives. This went into administration on Thursday, but kept trading. Michael Spencer, chief executive, said: 'We're definitely taking a look at it.'

ICAP, which lost an employee when its New York offices were destroyed on 11 September, said US trading is nearly back to normal.