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Bid for East Midlands blocked by US
- Article from:
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The Independent - London
- Article date:
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August 8, 1996
- Author:
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Copyright informationCopyright 1996 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Takeover speculation surrounding East Midlands Electricity
intensified yesterday after it emerged that an American utility had
been lining up a pounds 1.5bn offer but was blocked from bidding by
local US regulators.
Dominion Resources, the parent company of Virginia Electric and
Power, was reportedly set to launch a takeover of East Midlands but
state regulators refused to sanction the deal because of concerns
about the financial impact on its 1.8 million customers in Virginia
and North Carolina.
Despite the apparent block which effectively kills off a bid by
Dominion, shares in East Midlands continued to surge ahead, ending
the day 16p higher at 597p. The shares have risen by 15 per cent in ...
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