PacifiCorp Raises Bid for British Company

PacifiCorp of Portland, Ore., sweetened its offer for Britain’s Energy Group, offering $10.68 billion in cash and assumed debt. The power company offered $12.62 a share, 11% more than its previous bid in June. That offer expired in August after regulatory delays. PacifiCorp said it would assume $4.1 billion in debt, including Energy Group leasing obligations. PacifiCorp has an edge on two rivals for the company, Texas Utilities Co. of Dallas and Nomura International, because it has Energy Group’s backing and regulators OKd its earlier bid, analysts said. Texas Utilities and Nomura, a unit of the Japanese securities company, said they are still in talks with Energy Group and are considering whether to top PacifiCorp’s offer.