AN American owned power company has officially declared victory in its £782 million sterling takeover of Northern Electric. The chairman and chief executive of CE Electric, Mr David Sokol, said "We are delighted by the outcome of the final offers for Northern Electric's shareholders. Northern Electric is a good company with good people and a strong customer base. We look forward to working with Northern Electric's management to put in place a smooth transition."

It emerged on Christmas Eve that CE Electric had won the bitterly fought battle for the British regional electricity company, despite moves by insurance giant Prudential.