Pacificorp Gets Go Ahead

PacifiCorp, the US utility that has bid £4.05bn for Energy Group, Wednesday received formal clearance from US regulators to take over the UK power and coal concern. The Oregon-based group said the Federal Trade Commission had cleared its 765p a share offer provided that, if successful, it sold two mines owned by Peabody, Energy Groups US coal subsidiary. PacifiCorp - whose 690p a share bid last year lapsed while it was investigated by regulators on both sides of the Atlantic - is now free to buy Energy Group shares in the open market. It is allowed to buy a stake of up to 29.9 per cent but, if it pays more than the offer price, it must immediately raise its bid.