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U.S. Utility to Buy Australian Company: Texas Utilities Co. agreed to pay $1.6 billion for the Eastern Energy electric company. The sale of Eastern Electric, owned by the state of Victoria, is the third of its five electric utilities to be sold by the state this year. It wants to sell the rest by Dec. 31. Dallas-based Texas Utilities Australia beat two other U.S. firms--Pacific Gas & Electric and PacifiCorp--that had bid for Eastern Electric, which supplies power to 470,000 customers in eastern Victoria.
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