Texas pols skeptical over TXU deal

"Put me down as a skeptic." That is how one Texas pol put it when the buyout kings came to testify. Just when it seems that the buyout industry is on an unstoppable roll, leave it to the Texas legislature to remind us that utility deals are tricky. David Bonderman and Henry Kravis acquitted themselves well. But they have a lot of skepticism to overcome. There's a good chance that all issues can be worked out. But the politicians have signaled that they will play tough. Various Senate bills would give state regulators the authority to review, and presumably nix, the deal. That doesn't sit well with KKR and Texas Pacific. So this isn't a done deal. Now this would really add to the excitement: A competing offer. Wall Street has not given up hope.

For more:
- here's a Dallas Morning News article