Exelon Corporation recently announced it has filed an application with the Federal Energy Regulatory Commission (FERC) for approval of Exelon's proposed combination with NRG Energy, Inc ( Part of Warren Buffett holdings).
Exelon has also filed notification with the U.S. Department of Justice and the Federal Trade Commission of its intention to acquire NRG, in compliance with federal premerger notification requirements.
"Our regulatory filings represent an important step in realizing the value of an Exelon-NRG combination, and we will continue to work diligently toward achieving all regulatory approvals and expeditiously consummating the transaction," said Christopher M. Crane, Exelon president.
NRG owns 44 percent of South Texas Project Nuclear Operating Plant in Matagorda County.
Exelon previously disclosed that a combined Exelon-NRG would need to divest generating capacity in Texas and to protect and enhance competitive markets and ease any potential market concentration.
As part of its FERC filing, Exelon proposes to divest its three Texas facilities - Mountain Creek, Handley and LaPorte - with about 2,400 MW of capacity.
Exelon also proposes to transfer power purchase agreements in Texas totaling an estimated 1,200 MW of capacity to a third party.The proposed divestitures are contingent on acquisition of NRG, and would not take place immediately.
In both markets, the plants would continue to operate and employees would remain at work. Divestiture would mean a change in ownership, not the closing of plants.
"In addition to providing a compelling value creation opportunity for both NRG and Exelon investors, we believe our proposal meaningfully addresses and easily satisfies all pertinent regulatory requirements," said Elizabeth A. Moler, executive vice president of Exelon.
A copy of Exelon's complete FERC filing will be available at www.exeloncorp.com.
On Oct.19, Exelon sent a letter to NRG's board and management in which it proposed to acquire all outstanding shares of NRG common stock at a fixed exchange ratio of 0.485 Exelon shares for each NRG share.
The exchange represented a 37 percent premium to NRG's closing price on Oct. 17.Following rejection of the proposal by NRG's board and management, Exelon brought its offer directly to the NRG shareholders on Nov. 12.The exchange offer is set to expire at 5 p.m. EST on Jan. 6, unless extended.
As per Sep 08 share holding pattern of company, Warren buffett's of Berkshire Hathaway is holding 5,000,000 shares with %age weightage of 0.18 % in the portfolio.
Exelon has also filed notification with the U.S. Department of Justice and the Federal Trade Commission of its intention to acquire NRG, in compliance with federal premerger notification requirements.
"Our regulatory filings represent an important step in realizing the value of an Exelon-NRG combination, and we will continue to work diligently toward achieving all regulatory approvals and expeditiously consummating the transaction," said Christopher M. Crane, Exelon president.
NRG owns 44 percent of South Texas Project Nuclear Operating Plant in Matagorda County.
Exelon previously disclosed that a combined Exelon-NRG would need to divest generating capacity in Texas and to protect and enhance competitive markets and ease any potential market concentration.
As part of its FERC filing, Exelon proposes to divest its three Texas facilities - Mountain Creek, Handley and LaPorte - with about 2,400 MW of capacity.
Exelon also proposes to transfer power purchase agreements in Texas totaling an estimated 1,200 MW of capacity to a third party.The proposed divestitures are contingent on acquisition of NRG, and would not take place immediately.
In both markets, the plants would continue to operate and employees would remain at work. Divestiture would mean a change in ownership, not the closing of plants.
"In addition to providing a compelling value creation opportunity for both NRG and Exelon investors, we believe our proposal meaningfully addresses and easily satisfies all pertinent regulatory requirements," said Elizabeth A. Moler, executive vice president of Exelon.
A copy of Exelon's complete FERC filing will be available at www.exeloncorp.com.
On Oct.19, Exelon sent a letter to NRG's board and management in which it proposed to acquire all outstanding shares of NRG common stock at a fixed exchange ratio of 0.485 Exelon shares for each NRG share.
The exchange represented a 37 percent premium to NRG's closing price on Oct. 17.Following rejection of the proposal by NRG's board and management, Exelon brought its offer directly to the NRG shareholders on Nov. 12.The exchange offer is set to expire at 5 p.m. EST on Jan. 6, unless extended.
As per Sep 08 share holding pattern of company, Warren buffett's of Berkshire Hathaway is holding 5,000,000 shares with %age weightage of 0.18 % in the portfolio.
