Business Services Industry
Sale of Florida Power Corp. Collapses.
Knight Ridder/Tribune Business News, April, 1998 by Sachdev, Ameet; Trigaux, Robert
Knight Ridder/Tribune Business News
Apr. 27--A deal to sell St. Petersburg's Florida Power Corp. to Scottish Power PLC, Scotland's largest power company, fell apart this week after the companies could not come to terms.
"We were in talks for a fair bit of time, but we have decided to walk away from the deal," Scottish Power spokesman Colin McSeveny said Friday in a telephone interview from Glasgow, Scotland.
"Florida Power's a good enough company in many ways. But the deal was terminated because the price they were asking would not have added value for our shareholders."
The deal's demise is a sharp but temporary blow to Florida Progress Corp., the parent company of Florida Power. Its executives have made no secret of their efforts to grow the...
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