Deals
Great Plains’s $8.6 Billion Deal May Face Missouri Review
- State agency staff calls for review of Westar takeover
- Evidence shows deal isn’t in the public’s interest: staff
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Great Plains Energy Inc.’s $8.6 billion takeover of Westar Energy Inc. should be subject to the approval of Missouri regulators, according to the state’s utility commission staff, which described the deal as “detrimental to the public interest.”
Kansas City, Missouri-based Great Plains should be ordered to seek approval from the state Public Service Commission as a condition to the merger’s closing, the agency’s staff said in a report filed Monday. It warned that the transaction, as proposed, may lead to higher electricity rates. In addition, employees at Great Plains’ Kansas City Power & Light Co. utility may be distracted by the possible takeover, cutting operational efficiency, the staff said.