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 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...