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ScottishPower sets IPO
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October 25, 1999: 4:40 a.m. ET
U.K. utility prices telecom unit's IPO at up to $3.4 billion
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LONDON (CNNfn) - ScottishPower announced the pricing details for the upcoming flotation of its telecom and Internet unit Monday, valuing the new firm at up to 2.05 billion pounds ($3.4 billion).
Scottish is listing 49 percent of the enlarged capital of Thus, formerly known as Scottish Telecom, and the price will be between 235 pence and 285 pence per share. The final pricing will be announced on Nov. 10.
ScottishPower is Britain's biggest utility company, with a market value of 6 billion pounds. It offers services in gas, electricity and water.
The company has announced plans to merge with Pacificorp (PPW), a deal that is in the final stages of regulatory approval.
Thus includes one of Britain's ISP's, Demon Internet, as well as telecom, data services and call centers.
The valuation highlights the soaring value of telecom stocks in Europe, exemplified by last week's $36 billion takeover bid for cellular operator Orange (ORA) by Germany's Mannesmann (FMMN). Earlier estimates had valued Thus at up to 1.8 billion pounds.
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ScottishPower
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