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© 1995- The E.W.
Scripps Co. and the Abilene Reporter-News. All Rights Reserved. Site users are subject to our User Agreement. We also have a Privacy Policy. |
Sunday, April 26, 1998 Texas Utilities gains clearance to sell unit
of utility By Dan Piller / Knight Ridder Newspapers Texas Utilities announced yesterday that it has received regulatory
approval from the U.S. government for the sale of Peabody Coal,
the American subsidiary of a British utility that TU is trying
to buy. Texas Utilities had said it would sell Peabody Coal to Lehman
Merchant for about $2.3 billion should its tender offer to take
control of The Energy Group of Great Britain succeed. Texas Utilities has offered $10.4 billion for The Energy Group,
one of 12 British utilities that has been privatized and offered
for sale. The Energy Group has 3.1 million customers north and east of
London. Also yesterday, the U.K. Takeover Panel said it will extend
the deadline for bids for The Energy Group past Sunday night. Pacificorp, an Oregon-based utility, has a $10.3 billion bid
on the table for The Energy Group. Pacificorp had declined to
raise its bid last week, even after Texas Utilities received clearance
from British regulators to go ahead with its tender offer. The Sunday night deadline had raised the possibility that Pacificorp
could enter a higher last-minute bid for The Energy Group and
leave Texas Utilities with no time to respond. The deadline was
extended into May. Pacificorp's original $9.7 billion bid for The Energy Group
last summer was accepted by the British company, but the deadline
for the bid lapsed before the British government could approve
it. When the bidding was reopened earlier this year, Texas Utilities
entered the competition.
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© 1995- The E.W.
Scripps Co. and the Abilene Reporter-News.
All Rights Reserved.
Site users are subject to our User Agreement. We also have a Privacy Policy.