RWE has emerged as the frontrunner in the battle for control of Essent, the Dutch utility which could be valued at €6bn-€10bn, after Eni of Italy appeared poised to drop out of the race.

Essent’s supervisory board is set to decide on a final bidder early next week, according to people close to the situation. Barring any last minute hitches, a deal could be announced before the end of the month.