PG&E turns down San Francisco’s US$2.5 billion offer to buy assets

REUTERS: PG&E rejected a US$2.5 billion offer from San Francisco to buy the bankrupt Californian company's power lines and other infrastructure within the city, citing the offer was inadequate.

San Francisco's offer significantly undervalued its assets and a deal wouldn't be in the best interest of its customers, PG&E Chief Executive Officer Bill Johnson wrote in a letter, dated October 7, to San Francisco Mayor London Breed.

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The company's financing strategy to emerge from bankruptcy did not include selling off company assets, Johnson said in the letter.

"Although we cannot accept your offer, we want to clearly communicate that PG&E intends to continue working with the City to best serve the citizeRead More – Source

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