Rochester,NY 7/5/2009 4:01:43 AM
Weekend Report - NRG -Exelon raises hostile bid for NRG to $8 billion- Sourced WhisperFromWallStreet.com
NRG Energy, Inc
Weekend Report - NRG -Exelon raises hostile bid for NRG to $8 billion- Sourced WhisperFromWallStreet.com
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NRG Energy, Inc.NRG
Market Update: 24.66 Down 0.14 (0.56%) 7:48PM ET
Exelon Corp. on Thursday sweetened its hostile takeover bid for NRG Energy Inc. by 12 percent to $8 billion in stock, citing newly identified cost savings along with NRG's recent deal for Reliant Energy's Texas retail business.
Exelon Chairman and CEO John Rowe called it a "best and final offer." The new bid ups the price for NRG by about $1 billion.
"Together the two company's shareholders get something very rare, a truly effective combination in an industry in which significant profitable growth is very hard to come by," Rowe said in a conference call.
NRG, which rejected Exelon's previous bid, said it would review the latest offer.
If NRG combines with Chicago-based Exelon, the new company would be the largest U.S. power generator, providing energy to about 45 million homes. Exelon is already the nation's largest
About
NRG Energy, Inc., together with its subsidiaries, operates as a wholesale power generation company. The company engages in the ownership, development, construction, and operation of power generation facilities. It also engages in transacting in and trade of fuel and transportation services, as well as trade of energy, capacity, and related products. As of December 31, 2008, the company?s power generation assets consisted of approximately 10,495 megawatt (MW) of gas-fired; 7,540 MW of coal-fired; 3,715 MW of oil-fired; 1,175 MW of nuclear; and 195 MW of wind generating capacity in the United States. In addition, NRG Energy also owns approximately 115 MW of thermal capacity domestically, as well as 1,080 MW of power generation capacity overseas in Australia and Germany. The company was founded in 1989 and is headquartered in Princeton, New Jersey.
Last Trade: 24.80
Day's Range: 24.50 - 25.52
52wk Range: 14.39 - 43.12
Volume: 8,712,021
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