British Firm Close to Buying U.S. Utility

Scottish Power, a British electric, natural gas and telephone utility, is close to an agreement to acquire PacifiCorp for $7 billion to $8 billion, in what would be the first takeover of a U.S. utility by a foreign company, the Financial Times reported. Such a deal would have to overcome a U.S. law that forbids foreign ownership of a utility company. The newspaper didn’t cite sources. Portland, Ore.-based PacifiCorp is viewed as a takeover target because its stock has fallen 24% so far this year, making it relatively cheap. PacifiCorp rose $1.31 to close at $20.75 on the New York Stock Exchange.