White knights for Northern
Sunday 03 November 1996
Northern has had several offers of support from investment banks, which are now talking to possible suitors in the US, France and Britain.
The favourite candidate to emmerge as a white knight is Houston Industries, which held tentative talks with Northern earlier in the year and is known to be interested in establishing a presence in the UK electricity industry. Florida Light and Power and Pacific Gas and Electric are also touted as possible bidders from the US.
A bid from a domestic energy company is unlikely in the light of recent government rulings to block intra-industry mergers. An approach from a water company is possible.
Lyonnaise des Eaux, which owns Northumbrian Water, could be interested in creating a north-eastern water and electricity combination.
Severn Trent, which had its bid for South West Water blocked last month by Ian Lang, President of the Board of Trade, is looking for investment opportunities.
Michael Cohen at Salomon Brothers said: "It has been our opinion that Severn Trent would be better off using its cash to purchase a REC than participating in a competing bid for South West Water. There is a more promising future for companies as multi-utilities rather than remaining a one-utility service provider."
- 1 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...