Powergen Company

German utility E.On said it agreed to buy British rival Powergen for $7.4 billion in a bid to become the world's second-largest power company and gain a foothold in the U.S. electricity market. E.On will also assume about $6.4 billion in debt from Powergen, Britain's third-largest power generator. If the plan clears regulatory hurdles, E.On will become a transatlantic giant, with 30 million customers and electricity sales of 323 billion kilowatt hours, moving ahead of American Power Co.

German utility E.On said it agreed to buy British rival Powergen for $7.4 billion in a bid to become the world's second-largest power company and gain a foothold in the U.S. electricity market. E.On will also assume about $6.4 billion in debt from Powergen, Britain's third-largest power generator. If the plan clears regulatory hurdles, E.On will become a transatlantic giant, with 30 million customers and electricity sales of 323 billion kilowatt hours, moving ahead of American Power Co.

PowerGen, the third-biggest power generator in Britain, today will announce plans to buy LG&E Energy, Kentucky's biggest utility, for about $3.2 billion in cash and will assume $1.5 billion in debt to establish a foothold in the U.S., people familiar with the buyout said. The offer is 60% higher than LG&E's closing price on Friday at $15.75 on the NYSE, one of the largest premiums ever paid for a utility company. PowerGen has made no secret of its desire to buy a U.S.

PowerGen, the third-biggest power generator in Britain, today will announce plans to buy LG&E Energy, Kentucky's biggest utility, for about $3.2 billion in cash and will assume $1.5 billion in debt to establish a foothold in the U.S., people familiar with the buyout said. The offer is 60% higher than LG&E's closing price on Friday at $15.75 on the NYSE, one of the largest premiums ever paid for a utility company. PowerGen has made no secret of its desire to buy a U.S.