Digesting acquisitions

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Georg Lambertz, finance director of German utility RWE, outlined his firm’s motto for 2003 at Credit Suisse First Boston’s Credit Forum in Barcelona last month: “Integration is key.”

The 104-year-old utility has spent about $30 billion on takeovers in the past two years. So to prevent any further ratings actions, RWE says it will not be making any more large acquisitions in the short term, although purchases with a €1 billion price ceiling will be considered. The German utility’s coverage enc

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