Advisers chosen for power generators share sale
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE TREASURY has appointed Kleinwort Benson Securities and Barclays de Zoete Wedd as joint financial advisers and global lead managers on the sale of all or part of its remaining 40 per cent stakes in the electricity generators, National Power and PowerGen, writes Mary Fagan.
The holdings would raise about pounds 4bn at current share prices. A Treasury spokesman said the sale would take place in 1994-95 subject to market conditions but no decision had been taken on the size, structure or exact timing.
Kleinwort Benson already advises PowerGen, but the generator said it had agreed to seek a separate broker to act for it during the sale. National Power's brokers are Smith New Court and Cazenove.
Last month the regulator, Offer, decided not to refer the generators to the Monopolies and Mergers Commission, clearing the way for the Government to dispose of its shares. But they are still under close scrutiny by Offer concerning prices in the wholesale electricity market.
A spokesman for National Power said it welcomed the government appointments and looked forward to a speedy conclusion of the sale.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments