British utility National Grid PLC said Friday it was in talks with KeySpan Corp. as a published report said it was offering about $7.3 billion in cash for the U.S.-based natural gas and electric utility.

The Wall Street Journal reported Friday that an all-cash bid of $42 a share, or a total of about $7.3 billion, had given National Grid an edge over a cash-and-shares bid from New York utility Consolidated Edison Inc.

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