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Yanks Give Up in England
Texas Energy Partners plc (TEP), formed by Central and South West Corp. and Houston Industries, Inc. (HIE) to acquire a British electric distribution company, NORWEB plc, has given up the takeover attempt.TEP had made a $2.7-billion friendly acquisition offer for NORWEB, which serves about 2 million customers in northwestern England. The offering followed the successful acquisition of a British retail system, South Western Electricity (SWEB), by a U.S. utility subsidiary, Southern Electric International.
But TEP was outbid by North West Water Group plc, a British water utility. According to Lee Hogan, TEP co-chairman, and president and CEO of HIE, the water utility pushed the bidding to a level where U.S. shareholders would no longer derive any benefit from successfully acquiring NORWEB.
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