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MidAmerican a bit closer to purchase of PacifiCorp

SHARE MidAmerican a bit closer to purchase of PacifiCorp

MidAmerican Energy Co. announced Wednesday that its waiting period to purchase Portland-based PacifiCorp under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 expired Monday.

The federal law requires that mergers involving corporations of a certain size must be reported in advance to federal agencies. A waiting period also is observed, intended to provide agencies with an opportunity to investigate proposed transactions and to determine whether the transaction may violate antitrust laws.

PacifiCorp, which is currently owned by ScottishPower, operates as Utah Power in Utah. On July 22, ScottishPower obtained shareholder approval for the sale of PacifiCorp to Iowa-based MidAmerican Energy Holdings Co.

MidAmerican still must obtain regulatory clearance from the six Western states in which PacifiCorp operates. Utah regulators will hold hearings on the proposed acquisition Dec. 12-16, with public comments on Dec. 13.

The Nuclear Regulatory Commission and Federal Energy Regulatory Commission also must sign off on the deal.

The company anticipates closing the transaction in the first quarter of 2006.