SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
October 30, 1996
(Date of earliest event reported)
PETER KIEWIT SONS', INC.
(Exact name of registrant as specified in its charter)
Delaware 47-0210602
(State of incorporation) (I.R.S. Employer
Identification No.)
0-15658
(Commission File Number)
1000 Kiewit Plaza
Omaha, Nebraska 68131
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code
(402) 342-2052
Item 5. Other Events
CE Electric UK plc ("CE Electric") has offered to pay
approximately $1.225 billion cash in an unsolicited offer to
acquire all of the capital stock of Northern Electric plc
("Northern"), a regional electricity distribution and supply
company in the United Kingdom. CE Electric is owned 70% by
CalEnergy Company, Inc. ("CalEnergy") and 30% by Kiewit Diversified
Group Inc. ("Kiewit"). Kiewit is a wholly-owned subsidiary of
Peter Kiewit Sons', Inc. Kiewit owns 33% of the common stock of
CalEnergy.
Northern is one of the twelve U.K. 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 northeast
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.
If the acquisition of Northern is completed, CE Electric will
fund the acquisition with a combination of bank borrowings and
capital provided by its shareholders. The bank borrowings would be
without recourse to CalEnergy or Kiewit. CE Electric has already
acquired 13.2% of Northern's shares in open-market transactions
through October 29, 1996.
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.
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 thereunto duly authorized.
Dated: October 30, 1996.
PETER KIEWIT SONS', INC.
BY:/s/ Richard R. Jaros
Richard R. Jaros
Executive Vice President
(Principal financial officer)
