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Texas firm in Energy grab?
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January 27, 1998: 7:15 a.m. ET
New suitor may emerge for U.K.'s largest utility; PacifiCorp may raise bid
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NEW YORK (CNNfn) - Texas Utilities Co. early Tuesday confirmed it approached Britian's largest utility, Energy Group Plc, about a possible merger.
The Dallas-based utility characterized the talks as "preliminary" adding they may lead to an offer topping the $5.9-billion bid made last year by PacifiCorp.
Meanwhile, Portland, Ore.-based PacifiCorp is prepared to raise its bid to 725 pence ($12.09) a share from 690 pence for a total of $6.2 billion, the Wall Street Journal reported on Tuesday.
PacifiCorp is considering the higher offer in part to respond to the recent rise in Energy Group's stock price. The offer cleared British antitrust authorities in December.
The Energy Group was formed a year ago by the spin-off of Hanson Plc's energy operations. Its holdings include Eastern Electricity and U.S.-based Peabody Coal Co. -- the largest privately owned coal producer in the world.
-- from press and wire reports
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