UPDATE 3-TXU recommends merger approval, CEO may leave

(Reuters) - TXU in proxy materials filed with the U.S. Securities and
Exchange Commission defended the $69.25-per-share offer from a
private equity group led by Kohlberg Kravis Roberts &
Co.[KKR.UL] and Texas Pacific Group [TPG.UL].




The filing came one day after money manager Franklin
Resources Inc. , the Texas power company's largest
shareholder, said it would vote against the proposed buyout
because the offer price was too low.


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