TXU Corp. began a new round of pitching its $45 billion buyout to shareholders on Monday, with a warning that turbulence in the financial markets had squashed the chance of a better offer.
"The current state of debt and equity markets make alternative transactions unlikely and could reduce the value of TXU's stand-alone plan," it said in a presentation it is making to some of its shareholders and Institutional Shareholder Services, starting Monday.
Texas' largest utility (TXU) , whose February agreement to sell itself for $ 69.25 a share in cash to private equity firms made waves in the utility sector, said it would not remain an integrated company if the deal fell apart. Instead, it would split into three companies focused on its Luminant power generation business, Oncor transmissions business and TXU Energy retail business.
