German utility E.On has been given two months to make a formal offer for PowerGen, the U.K. utility. The Takeover Panel has said it would talk to both sides in two months to see what progress had been made.E.On admitted two weeks ago that it was in talks with PowerGen over a possible acquisition or merger (CWI 1-22-01). The problem E.On faces is that PowerGen owns a subsidiary in the U.S. - Kentucky-based LG&E.
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