Likelihood of bidding war for TXU fizzles

Lazard Freres & Co., which is advising TXU, has informed a special committee at th energy company that it doesn't think a superior buyout proposal will emerge, dashing hopes of a bidding war. So that will leave it to the KKR, Texas Pacific, Goldman Sachs group to make it happen. At this point, the chances for more bidding may have been done in by Texas politics. The Texas Legislature has decided to get involved. It is considering proposals that would let state regulators review the sale. The Dallas-based electric utility has two more weeks to solicit rival bids. So there may be some activity yet--not likely however. Blackstone has the bandwidth to pursue a bidding war and its ballyhooed initial public offering, but it apparently has decided to pass.

For more:
- here's the AP update