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.