NRG Energy Inc., the second-biggest power company in Texas, made an unsolicited $9.6 billion offer for Calpine Corp. to become the largest independent electricity producer in the U.S. NRG offered 0.534 share for every Calpine share, or 6.7 percent above yesterday's closing price on the New York Stock Exchange, the two companies said in separate statements. The valuation is based on the number of outstanding shares. The takeover would double NRG's capacity in the U.S. to about 45,000 megawatts, enough to power 36 million homes.

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