San Francisco has bid $2.5 billion for Pacific Gas and Electric Co.'s equipment in the city, an offer the utility said would not be in customers' or stakeholders' best interest, the San Francisco Chronicle reported.
PG&E is expected to file a restructuring plan on Sept. 9 in bankruptcy court. The utility said Sept. 8 that while the sale would not be in the best interest, it is open to talking about the offer, according to the report. The city's mayor, London Breed, and City Attorney Dennis Herrera presented the offer in a Sept. 6 letter and are hoping to discuss it with PG&E Corp. CEO Bill Johnson at a pre-planned meeting at the end of September.
San Francisco's offer would be for PG&E's electric assets and would not include any gas equipment, the Chronicle said.
The city has hired Jefferies LLC, MRW & Associates and Morgan Lewis & Bockius LLP as advisers, Bloomberg News reported.
