The Raw Deal

the raw deal

TXU surprised investors in the US by pulling a $2 billion, four-part deal at the last minute. Supply-hungry investors were battering down the door and waving chequebooks when TXU announced that, after three full days of pricing, an error in the paperwork meant that the deal could not go ahead.

TXU was not permitted to sell the notes without disclosing what last year’s earnings would have looked like without revenues from assets which have since been sold – in particular, TXU Gas and

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