Sempra Energy Is the Mystery Third Bidder For Oncor Electric

Reports: Sempra Energy to buy Oncor for $9.45B, beating Buffett

Sempra chairman and president Debra L. Reed said: "With its strong management team and long, distinguished history as Texas' leading electric provider, Oncor is an excellent strategic fit for our portfolio of utility and energy infrastructure businesses".

The $9.45 billion cash deal to acquire Energy Future and its ownership in Oncor includes Sempra's assumption of Oncor's debt, making the total value of the transaction $18.8 billion.

Lawyers disclosed that another bidder had emerged for Oncor during a bankruptcy hearing on Friday without revealing the name of the suitor. Hedge fund Elliott Management, which owns a significant portion of Oncor's debt, opposed Berkshire's takeover bid, saying it wasn't enough. The conglomerate, which filed for Chapter 11 bankruptcy in 2014, is saddled with about $50 billion in debt.

The deal is expected to close in the first half of 2018, however, it still needs the approval of the Public Utility Commission of Texas, the U.S. Bankruptcy Court of DE, the Federal Energy Regulatory Commission and the U.S. Department of Justice.

Buffett is famous for refusing to take part in bidding wars and the Wall Street Journal reported Sunday that Sempra had sweetened its initial bid of $9.3 billion for Oncor.

Sempra said in its statement announcing the deal that it "will maintain the existing independence of Oncor's board of directors, which has protected Oncor and its customers during the ongoing Energy Future bankruptcy".

Girls Under Age 10 Found Dead In Md. Home By Family Member
The identities of the girls have not been released. "We have not determined who the person responsible is yet", Donelan concluded. Donelan said that this case is one of the most hard that their police officers have ever walked in on.

Reed added: "It is important for Oncor to remain financially strong". The purchase also should address the concerns of the Texas regulators, creditors, and the U.S. Bankruptcy Court, she said.

Allen Nye, who is now Oncor's general counsel, will succeed Bob Shapard as the company's CEO.

Claiming the deal will strengthen Oncor's underlying financial strength and credit ratings, Sempra said it is committed to supporting Oncor's $7.5 billion, five-year capital investment plan. Berkshire has said it'll walk away from the deal if a judge doesn't approve the plan on Monday.

Through the agreed upon 47 regulatory commitments, Texas stakeholders "have rightly focused on protecting Oncor from unnecessary risk, including having no debt at intermediate holding companies", according to Berkshire.

"Texas is a great state for business, and we look forward to future opportunities to invest", Abel said.

Related:

  • Despite delay, AIADMK factions hint at merger

    Despite delay, AIADMK factions hint at merger

    Panneerselvam will also be the AIADMK coordinator while Palaniswami will be the co-coordinator of the ruling party in Tamil Nadu . However, Panneerselvam cleared the air yesterday, saying a positive result was expected in a day or two.
    Germany urges Spain not to extradite writer Doghan Akhanli to Turkey

    Germany urges Spain not to extradite writer Doghan Akhanli to Turkey

    Foreign Minister Sigmar Gabriel of the SPD was quick to react, condemning Erdogan's comments as an "unprecedented act of interference".
    Xi offers condolences to Spain

    Xi offers condolences to Spain

    The Cambrils suspects had an axe and knives in the vehicle as well as fake explosive belts stuck to their bodies, said police. That house blew up Wednesday night, killing one person, apparently as a result of exploding gas canisters.
  • New York Yankees: Three things to look for in Boston

    Porcello (8-14) allowed all three NY hits, striking out four and walking three to win his fourth straight start. Brandon Workman, Addison Reed and Craig Kimbrel finished the rest of the game on the mound for the Red Sox.
    Mayweather is Risking Life's Work Against McGregor - David Haye

    Mayweather is Risking Life's Work Against McGregor - David Haye

    May 8, 2017 - McGregor and White agree terms to fight Mayweather, nearing the conclusion of the deal the Irishman has long pursued.
    Chargers sit Philip Rivers, lose 13-7 to Saints in preseason

    Chargers sit Philip Rivers, lose 13-7 to Saints in preseason

    The New Orleans Saints broke a ten game preseason losing streak Sunday night, beating the Los Angeles Chargers 13-7 Sunday night. The 35-year-old has yet to miss a regular-season game since becoming the team's starting quarterback more than a decade ago.
  • Steven Smith expecting tough series against Bangladesh

    Steven Smith expecting tough series against Bangladesh

    The second Test will be played at the Zahur Ahmed Chowdhury Stadium in Chittagong from Sept 4. Sometimes the shorter the match, the more exciting Test match it is in a way", Lehmann said.
    Charlottesville Victim's Mother Says She Will Not Take Trump's Calls

    Charlottesville Victim's Mother Says She Will Not Take Trump's Calls

    As president, Trump should want no part of the lie that the Confederate statues dotting the South and elsewhere try to tell. Heyer, 32, was killed on Saturday when a vehicle plowed into a group demonstrating against a white supremacist rally.
    Pep Guardiola content with current Manchester City squad

    Pep Guardiola content with current Manchester City squad

    The Belgian international's ability to create so much out of so little is key in keeping City ticking over. Speaking ahead of the clash with Everton , via the Daily Mail , the City boss said: "It's not a secret".
  • Estee Lauder Companies Inc (EL) Stock Rises on Earnings Report

    About 2.63M shares traded or 26.44% up from the average. (EL) on Friday reported fiscal fourth-quarter earnings of $229 million. Perhaps, that suggests something about why 77.15% of the outstanding share supply is held by institutional investors.
    Samsung Galaxy Note 8 price leaks, might cost over $1000

    Samsung Galaxy Note 8 price leaks, might cost over $1000

    Once converted to U.S. currency, the 64GB variant would cost $941, the 128GB for $1,061, and $1,196 for the 256GB model. Evan Blass has also posted that the phone go on pre-order with 256GB memory card, wireless charger and 360 cam.

    Solar Eclipse: Your questions answered

    Governor Kate Brown has activated the National Guard in case it needs to assist any of the state's expected one million visitors. Lee Azpiroz, optometrist at PeaceHealth Medical Group, offers safety tips for Creswellian viewers during this spectacular event.

Comments

Latest news

Taylor Swift Posts Snake Video Clip, Heightens Anticipation For New Music
The singer now has no profile picture, no cover photo and no tweets , except this curious silent one posted around 4pm BST. Just imagine she chose to sell those places and move back in with her parents...

5 big talking points from Tottenham 1-2 Chelsea
Chelsea have never lost when they have been leading at half-time under Conte in the Premier League (won 20, drawn two). Mauricio Pochettino says Tottenham's temporary Wembley home was not a factor in Sunday's 2-1 defeat to Chelsea .

Real Madrid vs Deportivo: Sergio Ramos sets La Liga red card record
After a string of passes, Marcelo fired in a low driven cross which found Casemiro , who made no mistake and tapped home. While Real didn't really miss Ronaldo as such, his presence adds the killer edge to the team.

Kylie Jenner breaks silence on Tyga split
Caitlyn grabbed a chicken from the yard and snuck it into Kylie's room in an attempt to cheer her up from her post-breakup blues. Jenner didn't specify any particular relationship or beau, so it seems likely she's referring to multiple past experiences.

Reaction to the death of rugby great Colin Meads
New Zealand's WBO heavyweight champion boxer Joseph Parker: " Rest In Peace to the legend Sir Colin Meads . Waitomo Mayor, Brian Hanna said the farewell will be held at the Les Munro Centre on Monday.

Samir Nasri joins Turkish side Antalyaspor
Draped in an Antalyaspor scarf, he was guided through the dense crush of supporters into a vehicle by the local security forces. This summer the team also signed France global and former Roma and AC Milan playmaker Jeremy Menez from Bordeaux.

Tropical Storm Harvey could regroup but stay clear of Florida
Some development of this system is still possible before it reaches the coast of Belize or the Yucatan Peninsula early Tuesday. The hurricane center said there is a 40 percent chance a tropical depression could form in the next five days.

Security Forces Abused Civilians in Mosul Campaign, Iraq Admits
He's going to be facing a determined ISIS fighter dug into Tal Afar, determined to fight to the death". The army targeted Tal Afar after seizing Mosul , IS's main stronghold 55km to the east, in July.

Two River North murder suspects extradited; headed to Chicago
Wyndham Lathem, 42, and Andrew Warren, 56, arrived in police custody to Chicago late Friday, according to Chicago police. His body was found only after an anonymous call to the building's front desk 15 hours after the incident.

Indian, Chinese troops seen in tussle in Ladakh on Aug 15
The incident occurred at Pangong Tso lake in Ladakh, and was caught on a smartphone camera and shared by Manu Pubby of The Print . Sehgal on Sunday said that the visuals have vindicated New Delhi's stand made by the Indian Army on Independence Day .

Five burning questions heading into Sunday at the Solheim Cup
Creamer was miffed at herself for poor course management on the 15th hole even though they were 2 up at the time. Heading into Sunday singles at Des Moines Golf and Country Club, the USA leads 10.5-5.5.

Teenagers who use e-cigarettes 'more likely to smoke tobacco'
A year later, 34-percent of the e-cigarette users had smoked tobacco compared to only 9 percent of those who had never vaped. Experts looked at survey responses from 2,836 pupils from 20 schools in England at age 13 and 14, and again a year later.

Venezuelan constitutional assembly seizes power of opposition-led congress
Her replacement, ex-human rights ombudsman Tarek Saab, this week outlined corruption accusations against Ortega and her husband. She said she would ask the country's CNE elections authority for information about candidates running in October.

Barcelona ace Messi caught slating Real Madrid captain Ramos
A van attack in Barcelona killed at least 12 people and injured dozens more on Thursday in the city's Las Ramblas tourist district.

'Red alert' to stop Grace Mugabe leaving South Africa
All week, the image of the gash on the 20-year-old's forehead has circulated on social media, newspapers and news channels. She claims the first lady's bodyguards stood by and watched as Mugabe attacked her.

Other news