PowerGen shares surge on deal hopes
Article Abstract:
PowerGen PLC, the second-biggest generating firm in Britain, UK, saw its shares rose to 801.5 pence ($13.41) in London, UK, due to reports it is negotiating to buy the British distribution company of Richmond, VA-based Dominion Resources Inc. The deal hinges on whether the Labour government allows PowerGen to acquire the distribution firm, which was sold in 1997 for around $2.2 billion. Sources said PowerGen will shell out over $3 billion for Dominion's UK assets. If the deal pushes through, Dominion will be the first US utility to exit the British power markets.
Comment:
Sees its shares rise in London, UK, due to reports it is negotiating to buy the British distribution co of Dominion Resources
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Enron to buy U.K.'s Wessex Water
Article Abstract:
Enron Corp., an electric company based in Houston, TX, has agreed to acquire Wessex Water PLC, a UK-based water and sewage firm, for $2.2 billion. The deal will enable Enron to enter the international water industry which is valued at $300 billion per year. Industry Analysts, however, were dubious about the viability of Enron's move that caused Enron's shares to drop by 2.2% to $55.25 in the New York Stock Exchange. Enron Vice Chairperson Rebecca Mark said the company is committed on purchasing water assets in Europe and South America.
Comment:
Agrees to acquire UK-based Wessex Water PLC for $2.2 billion
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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PowerGen to acquire East Midlands PLC for $1.41 billion
Article Abstract:
PowerGen PLC purchased Dominion Resources Inc.'s East Midlands Electricity for $1.4 billion, in additon to assumption of $1.8 billion in debt. The acquisition came after Dominion realized that there is no probable growth for East Midland electricity retail market in the UK unless it teams up with another regional player. US-based utilities with operations in the UK, have been hurt by high profit tax and higher-than-expected costs as the UK paves the way to a deregulated utility market.
Comment:
Sells East Midlands Electricity to PowerGen for $1.4 bil, in additon to assumption of $1.8 bil in debt
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Comment about this article or add new information about this topic:
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