Shares of power company PPL fall sharply on reports that it has won an auction to buy two Kentucky utilities owned by German power company E.On.

Shares of PPL, based in Allentown, Pa., fell $1.91, or 6.9 percent, to $25.82 in Wednesday afternoon trading.

CNBC and the Wall Street Journal say E.On has been shopping Louisville Gas & Electric and Kentucky Utilities Co. The company said last year that it wants to sell assets worth more than $10 billion.

Both companies declined to comment on the reports.