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 DALLAS (AP) - TXU Corp. said Wednesday it swung to a loss in the first quarter after revenue plunged 28 percent and the electric utility took a big charge to cancel coal-fired power plants, a condition of the company's pending $32 billion sale to private owners.
But investors shrugged off the news, pushing TXU shares up 46 cents, to $66.62, their highest level since shortly after Kohlberg Kravis Roberts & Co. and Texas Pacific Group announced their $69.25 per share takeover offer in late February.
Dallas-based TXU, the largest power producer in Texas, said losses after paying preferred dividends totaled $497 million, or $1.09 per share, compared with a profit of $576 million, or $1.22 per share, a year earlier.
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