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 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Game of Thrones season 5 trailer: The first full-length look is here
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...