Franklin Resources to vote in favor of TXU merger deal

By Lisa Kerner

Charlotte, N.C., Aug. 30 - TXU Corp. investor Franklin Resources, with a 5% stake in the company, said it now intends to vote in favor of the company's merger agreement with Texas Energy Future Holdings LP.

On July 24, the investor said it would vote against the deal, according to schedule 14A filing with the Securities and Exchange Commission.

Franklin Resources purchased 163,961 shares of TXU between July 23 and Aug. 28. The shares were priced from $62.00 to $67.34 each, according to a schedule 13D filing with the SEC. The total number of TXU shares owned by the reporting persons is 23,105,995.

It was previously reported that TXU will hold its 2007 annual meeting of shareholders on Sept. 7. Shareholders of record as of July 19 will be asked to vote on the proposed $69.25-per-share acquisition of the company by Texas Energy, a holding company that includes Kohlberg Kravis Roberts & Co. and TPG.

Under the Feb. 26 merger agreement, the investor group will acquire TXU for about $45 billion in a deal to take the Dallas-based energy company private.

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