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Enron Expects Oregon's OK on Utility Sale

June 04, 1997|(Bloomberg News)

Enron Corp. said it expects to get Oregon's approval today to buy Portland General Corp. for $3 billion, an acquisition that will let Enron, one of the largest U.S. power companies, expand its West Coast operations. The Oregon Public Utility Commission is likely to approve an agreement that Houston-based Enron and the commission staff reached in April. Enron agreed to cut electricity prices for Portland General's 600,000 customers by $141 million in the first four years after the acquisition. Separately, Enron said it will form a $2.9-billion power-generating venture with Enel, Italy's state electricity utility, to take advantage of opportunities in Europe's electricity market. Enron shares closed up 50 cents at $40.50 on the New York Stock Exchange.

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