CALENERGY CO INC
8-K, 1996-10-28
COGENERATION SERVICES & SMALL POWER PRODUCERS
Previous: SMITH BARNEY SHEARSON AGGRESSIVE GROWTH FUND INC, 24F-2NT, 1996-10-28
Next: MEMRY CORP, DEF 14A, 1996-10-28



               Securities and Exchange Commission

                     Washington, DC  20549
                            Form 8-K
                         Current Report

             Pursuant to Section 13 or 15(d) of
                  the Securities Exchange Act
                  1934
                  
                  
                Date of Report October 28, 1996
               (Date of earliest event reported)
               
               
               
                    CalEnergy Company, Inc.
    (Exact name of registrant as specified in its charter)
    Delaware                     1-9874                 94-2213782
   (State of other            (Commissione           (IRS Employer
   jurisdiction of             Number)                Identification No.)
   incorporation)



302 South 36th Street, Suite 400,                 Omaha, NE          68131
(Address of principal executive offices)                           Zip Code




Registrant's Telephone Number, including area code:    (402) 341-4500




                              N/A
 (Former name or former address, if changed since last report)
                               
                               
Item 5.  Other Events

     On October 28, 1996, the Registrant announced that CE
Electric UK plc, which is indirectly owned 70% by the
Registrant and 30% by Peter Kiewit Sons' Inc., had commenced an
unsolicited $1.225 billion cash tender offer to acquire all the
issued and outstanding ordinary and preference shares of
Northern Electric plc ("Northern").  Northern is a regional
electricity distribution and supply company in the United
Kingdom that serves approximately 1.5 million customers in
north east England.  A copy of the press release issued by the
Registrant is set forth as Exhibit 1 hereto and is incorporated
herein by reference.


Item 7.  Exhibits

    Press Release of CalEnergy Company, Inc., dated October 28, 1996.


                           SIGNATURE
                               
                               
     Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.

                                   CalEnergy Company, Inc.



                                   By: \s\ Douglas L. Anderson
                                        Douglas L. Anderson
                                        Assistant Secretary and
                                        Assistant General
                                        Counsel (U.S. and
                                        Corporate)

Dated: October 28, 1996



FOR IMMEDIATE RELEASE
                              
David L. Sokol - Chairman and Chief Executive Officer  011-44-171-404-5959
John G. Sylvia - Senior Vice President, Chief Financial
  Officer 011-44-171-404-5959

     CalEnergy and Kiewit Make $1.225 Billion Offer For
       Northern Electric plc, a regional U.K. Utility
                              
     OMAHA, NEBRASKA, October 28, 1996 --- CalEnergy
Company, Inc. ("CalEnergy") (NYSE, PSE and LSE symbol:  CE)
said today that CE Electric UK plc, which is indirectly
owned on a 70% basis by CalEnergy and a 30% basis by Peter
Kiewit Sons', Inc., has offered to pay approximately $1.225
billion cash in an unsolicited offer to acquire all of the
ordinary shares and preference shares of Northern Electric
plc ("Northern"), a regional electricity distribution and
supply company in the United Kingdom.

     David Sokol, the Chairman and Chief Executive Officer
of CalEnergy, stated, "We believe that the combination of
CalEnergy's generation business and Northern's supply and
distribution businesses would enable the Company to position
itself to pursue opportunities resulting from the
restructuring of the global electricity industry."
Sokol added, "This acquisition provides a good strategic fit
and is expected to be immediately accretive for our
shareholders."

     Northern is one of the twelve UK regional electricity
companies which came into existence as a result of the
restructuring and subsequent privatization of the U.K.
electricity industry in 1990.  Its main business is the
distribution and supply of electricity to approximately 1.5
million customers in the North East of England.  For its
fiscal year ended March 31, 1996, Northern had a profit
before tax of approximately $241 million on revenues of
approximately $1.44 billion.

     CalEnergy, a leading independent power producer, is an
international developer, owner and operator of
environmentally responsible power generation facilities.
Kiewit, a large primarily employee-owned, construction,
mining and telecommunications company, is an approximately
33% shareholder of the Company.

     The offer is not being made, directly or indirectly, in
or into the United States or by use of the mails or any
means or instrumentality (including, without limitation,
facsimile transmission, telex and telephone) of interstate
or foreign commerce of, or any facilities of a national
securities exchange of, the United States and the offer
cannot be accepted by any such use, means, instrumentality
or facility or from within the United States.

                            # # #



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission