ScotPower and Grid bids cleared

ScotPower and Grid bids cleared

SCOTTISH POWER'S pounds 4bn bid for Pacificorp and National Grid's pounds 2bn takeover of New England Electric Systems cleared important hurdles yesterday when the US Federal Energy Regulatory Commission approved both deals. This is the first time FERC has cleared the foreign purchase of any US utilities. Both deals still need approval from state regulators but Scottish Power's deputy chief executive Ian Russell said the takeover was on track for completion later this year.

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