ScottishPower in pounds 4bn US talks
Monday 16 November 1998
The talks are at an exploratory stage and could yet break down because of regulatory hurdles. But sources close to the two companies said that PacifiCorp was ScottishPower's preferred US partner.
ScottishPower, which is valued at pounds 7.6bn, has never made any secret of its US ambitions. In the past it has contemplated a takeover of both Florida Progress and the Ohio-based utility Cinergy, which owns a half stake in Midlands Electricity.
PacifiCorp is seen as vulnerable to a bid, having parted company earlier this year with its chief executive, Fred Buckman, following the failure of the group's bid for Energy Group.
However, any bid would be fraught with complications. PacifiCorp, based in Portland, Oregon, operates in five different states and any takeover would have to be approved in each one.
A spokesman for ScottishPower refused to confirm that it was in talks with PacifiCorp. He added that whether ScottishPower took over or merged with an American utility, it was important that it had management control.
PowerGen is also still looking for a US acquisition, having abandoned plans to forge a "merger of equals" with the Texas-based utility Houston Industries. The merger fell apart because the two sides could not agree on valuation and who would run the combined group.
Ian Robinson, chief executive of ScottishPower, would run the combined group, although there would also be a role for Keith McKennon, PacifiCorp's chairman, who took over temporarily following Mr Buckman's departure in September.
He left after PacifiCorp was beaten in the long-running bid battle for Energy Group, owner of Eastern Electricity, by Texas Utilities.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Rotten egg smell could help battle heart disease and Alzheimer's
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...
£40000 per annum: Harrington Starr: Network Engineer (CCNA, CCNP, Linux, OSPF,...