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The Independent Online
MidAmerican Energy Co, an Iowa-based utility company, made a hostile $1.17bn bid for fellow Iowan utility IES Industries Inc. MidAmerican is offering $39 a share for each IES share versus Friday's closing price of $29.75.

IES has already agreed to join with WPL Holdings, a utility holding company in Madison, Wisconsin, and Interstate Power Co, based in Dubuque, Iowa.