Energy Group shares soar on prospect of bid auction

Energy Group shares soar on prospect of bid auction

The Energy Group, UK's largest power supplier, yesterday confirmed it had received takeover approaches from other potential suitors other than PacifiCorp of the US, its existing partner. It did not reveal the identity of the bidders, despite speculation that they included Texas Utilities, the US's sixth-biggest electricity company. Shares in the UK power company soared by 43p to 727p on hopes of a bidding auction. PacifiCorp launched a 690p a share bid last June, worth pounds 3.6bn, but the offer lapsed when the deal was referred to the Monopolies and Mergers Commission two months later.