UTILITIES

MidAmerican Offers $1.2 Billion for IES: The unsolicited bid was seen as an aggressive move that highlights the desire of power companies to become bigger and stronger. Des Moines-based MidAmerican Energy Co.’s offer would head off a planned three-way merger that involves IES Industries Inc. and instead bring together Iowa’s two biggest utilities. IES rejected an approach by the larger MidAmerican a year ago, but said it will consider the latest proposal. Utility mergers are accelerating as power companies seek to become more competitive in an industry moving toward deregulation. Cedar Rapids, Iowa-based IES has already approved a merger with Interstate Power Co. and WPL Holdings Inc. , pending shareholder approval.