Landmark Green Takeover Approved

Shareholders approved the landmark $32 billion environmental deal that will stop the largest energy producer in Texas from building eight new coal-fired power plants.

The deal, which had been opposed by some skeptical investors looking to maximize profit only weeks ago, appears to have benefited from the recent turmoil in the credit market. Shareholders, essentially, took what they could get.

The announcement in February that private equity investors led by Kohlberg Kravis Roberts & Co. would scrap TXU''s plans to build eight coal-fired power plants using outdated technology if the company sold itself was greeted with fanfare befitting such an unprecedented move in a greener direction.

After all, here was Wall Street investment clearly making a statement that old, polluting technology was not an investment at all. The way forward, when it comes to energy, has to be cleaner, greener and more renewable.

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