Bid fear grips power
Monday 07 August 1995
The electricity sector braced itself for new takeover bids after intense speculation sent shares higher on Friday. The possibility of an impending government announcement on references of bids to the Monopolies and Mergers Commission was seen as an obstacle, and could lead to the delay of firm offers. However, senior industry sources expect the Government to stick to its case-by-case approach.
London Electricity has put in place its plans to respond to an offer, although its chairman, Sir Bob Reid, told the annual meeting on Friday the company was not in talks. But Pacific Gas & Electricity, a US utility, was rumoured as a potential bidder.
Yorkshire and East Midlands are also seen as attractive targets. Their shares rose, along with those of Seeboard and South Wales, at the end of last week in the expectation that the companies most vulnerable to bids would return cash to their shareholders.
At an extraordinary meeting on 16 August Northern Electricity will seek approval for its plans to give shareholders a pounds 1 special dividend and preference shares worth pounds 1.
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British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
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