ENERGY

Pennsylvania Utility Rejects $3.8-Billion Takeover Proposal: PP&L; Resources Inc., the parent of Pennsylvania Power & Light Co., said it rejected the unsolicited acquisition bid from PECO Energy Co. “The acquisition wouldn’t serve any of our constituents--shareholders, customers, employees or the communities we serve,” PP&L; Chairman William Hecht said. “We can grow shareholder value without this merger. We are considering other options,” he added without elaborating. The proposed stock transaction would create the nation’s fourth-largest utility, with 3.1 million electric and gas customers in central and eastern Pennsylvania.