P.M. BRIEFING : PacifiCorp Makes Bid for Utility
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PHOENIX — PacifiCorp today announced a $1.7-billion buyout offer for Arizona Public Service Co., the state’s largest utility, from its financially troubled parent Pinnacle West Capital Corp.
Pinnacle West also is the holding company for MeraBank, a federal savings bank that has suffered increasing losses and is under federal mandate to increase its capital reserves.
PacifiCorp, based in Portland, Ore., said the cash buyout would enable Pinnacle West “to strengthen its other businesses.”
Pinnacle West executives and spokesmen did not immediately return telephone calls.
Arizona Public Service supplies electricity to about 1.6 million people in Arizona, according to industry figures.
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