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Tuesday, March 1, 2011

PPL close to E.ON UK deal -- CNBC, (NYSE: PPL)

U.S. power company PPL Corp (PPL.N) is close to a deal to buy E.ON AG's (EONGn.DE) UK power networks for $6 billion in cash, CNBC reported on Tuesday, citing a person close to the deal. CNBC said the deal is expected to be announced on Tuesday. Germany's E.ON put its British networks up for sale in December as part of a promise to investors it would divest assets worth 15 billion euros through to 2013 to guarantee minimum dividends while it builds up new markets. [ID:nLDE6A90NG] PPL declined to comment on the report. The U.S. power company bought E.ON's Kentucky-based power unit last year for $6.7 billion in cash.