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PG&E Rejects San Francisco’s $2.5 Billion Bid to Buy Assets

  • PG&E CEO Johnson says its San Francisco grid isn’t for sale
  • City officials say they won’t give up push to control service
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Photographer: David Paul Morris/Bloomberg
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PG&E Corp. rejected a $2.5 billion offer from San Francisco to buy the bankrupt utility giant’s wires within the city’s limits.

San Francisco’s offer significantly undervalues the company’s assets and a deal wouldn’t be in the best interests of its customers, PG&E Chief Executive Officer Bill Johnson said in an Oct. 7 letter to Mayor London Breed. He went on to say the company doesn’t need to sell its businesses to finance a restructuring and emerge from bankruptcy.