The Wall Street Journal-20080122-National Grid Cancels Sale

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National Grid Cancels Sale

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LONDON -- National Grid PLC abandoned the sale of its property division because of the decline in credit and property markets, the United Kingdom-based gas and electricity network operator said.

"The bids we received do not match the value we are confident that we can extract from the business. Thus we have had no hesitation in deciding to retain the business," Chief Executive Steve Holliday said.

National Grid's U.K. portfolio includes about 500 brownfield sites, such as former gas works, some of which have consent for development.