A group including SPO Advisory boosted its holdings in the energy provider to 80,047,061 shares (18.9%) from the 75,384,261 (17.8%) disclosed on Oct. 6.

Fund Manager Plugs Into General Cable, Calpine: The world needs more electricity than ever, and Kent Croft, portfolio manager for the Croft Value Fund, says General Cable, ABB, Quanta and Calpine are among the best ways to play the power surge.

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NRG Energy proposed a stock merger with Calpine. Harbinger Capital told the Calpine board that the offer represents a good starting point and that the board should put the search for a management team on hold and immediately engage with NRG. Harbinger thinks the timing of the offer is excellent -- as it's four months after Calpine's exit from bankruptcy and the company still lacks a permanent management team. The combined company would have a fully focused management team and a well-articulated strategy in place.

Q: Do you hold Calpine bank debt?

A: Yes. On the bank-loan side, we are focusing much more on companies where we are at the top of the capital structure. Calpine and TXU Energy, the Texas utility taken private last year, are interesting loans.

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