National Grid, National Grid and Lattice to merge

Manufacturing News, Source : TheManufacturer.com
Published : 22 Apr 2002 9:48

National Grid and Lattice have reached an agreement to merge, creating a company worth £14.8 billion. The firms will form National Grid Transco - the UK's largest utility firm.

National Grid said joining together will save them £100 million in the year following the merger.

The new group will take advantage of opportunities presented by the liberalising of international energy markets, and will aim to build upon National Grid's expansion in the US.

National Grid chairman James Ross said: "This merger is born of complementarity, proven skills and a clear, mutually shared recognition of how National Grid and Lattice together will create greater value for all stakeholders. National Grid Transco will be a truly world-class energy delivery company."

The new group will be 57.3 per cent owned by National Grid shareholders, and 42.7 per cent owned by Lattice shareholders.

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