Fewer coal plants in Texas as a result of environmental groups and a buyout offer

A few days ago, it was reported that Texas electric utility giant TXU Corp. was offered a private-equity buyout of $44 billion from a consortium led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group. The deal was tentatively accepted, and would pay TXU shareholders $69.25 per share at the closing of the deal.
Why is this green news? Read the following: "The transaction has been endorsed by environmental activist groups who were previously harshly critical of TXU's plans for the new coal plants, Environmental Defense and Natural Resources Defense Council. TXU has reportedly said it will trim the plan to three coal plants.

The future owners of the private TXU Corp. have selected an advisory board including James A. Baker III, former U.S Secretary of State; William Reilly, chairman emeritus of the World Wildlife Fund and former administrator of the Environmental Protection Agency; Donald L. Evans, former U.S. Secretary of Commerce; James R. Huffines, chairman of the University of Texas Board of Regents; and Lyndon L. Olson Jr., former Texas State representative and former U.S. ambassador to Sweden."

Makes more sense now, wouldn't you say?

[Source: Marketwatch]

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