SCOTTISHPOWER said its planned £3.7 billion takeover of America's PacifiCorp was on track, despite reports the deal was facing growing opposition in the U.S.
The Glasgow-based company, which owns Southern Water, is a 50 per cent partner - with Seeboard's American owner CSW International - in the construction of the new Shoreham power station.
Chairman Murray Stuart said the company expected to finalise the deal later this year, with shareholder meetings to approve the merger to be held in the UK on June 15 and in the U.S. on June 17.
"The merger approval process is proceeding in line with our expectations and we continue to envisage completing the transaction later this year," he said.
"We believe that the transaction will derive benefit from the application of ScottishPower's proven utility management skills to PacifiCorp's western U.S. business."
Mr Stuart said the Glasgow-based utility giant also planned to implement a share buy-back programme of up to £500 million if the merger was approved by shareholders.
ScottishPower's pre-tax profits for the year to March 31 jumped by £4 million to £644 million, despite a year of intense competition from its rivals.
Turnover was up by 3.6 per cent to £3.2 billion, with the utility's Scottish Telecom unit doubling its turnover to £220 million.
Southern Water's contribution to the group's turnover was down by £13 million on the previous year, due to the disposal of its non-core businesses.
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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