Portugal's government said Wednesday that it hasn't made any decision on the buyer of its entire 21% stake in Energias de Portugal SA (EDP.LB) that is being eyed by four companies.

Germany's E.ON AG (EOAN.XE), China's Three Gorges Corp., Brazil's Centrais Eletricas Brasileiras SA (ELET6.BR) and Companhia Energetica de Minas Gerais (CMIG4.BR), which submitted bids last week, continue to be in the running for the stake, valued at EUR1.9 billion, the government said in a statement.

A person familiar with the situation said the government may pick a winner early next week.

According to a local press report, a supervisory council at EDP advised the government late Tuesday that E.ON and Three Gorges offered the most attractive bids. Their advice is nonbinding, Jornal de Negocios reported.

The person familiar with the situation told Dow Jones Newswires that all four bidders offered a premium over the stake's EUR1.9 billion market value, with Three Gorges leading the pack.

According to the person, the government will also take into consideration the strategic plan offered by each of the companies for the stake, which is being sold as part of a bailout agreement between Portugal and the European Union and the International Monetary Fund.

Under the agreement, Portugal committed to shrink the size of the public sector and the government's control over the private sector.

-By Patricia Kowsmann, Dow Jones Newswires; Tel +351-916-466-297; patricia.kowsmann@dowjones.com

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