Calpine in play?

Business Week reports that NRG Energy is making an $11.3 billion bid for Calpine ($22.83/share). No word yet on how receptive the Calpine board is to the offer, but analysts and investors seem to like it- Calpine is up more than 6% to $23.96.

One analyst noted that the entire wholesale power industry is ripe for consolidation and noted that Reliant, in particular, could be an attractive takeover target.

No telling if it's just public relations posturing, but NRG has said it has no interest pursuing a hostile bid if the Calpine board rebuffs the offer.

Calpine surges on $11.3 billion NRG buyout offer [Business Week]