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Energy Group

Energy Group has announced the sale of the Peabody coal business in the US and Australia, as well as Citizens Power in the US, to the Lehman Merchant investment bank for £1.37bn.

Texas Utilities has had its £4.45bn offer for Energy Group recommended by the UK electricity company's chairman following the withdrawal of PacifiCorp from negotiations.

PacifiCorp of the US has launched a £3.65bn recommended offer for Energy Group, although some analysts fear it may be referred to the Monopolies & Mergers Commission.