October 15, 2008
MidAmerican, Constellation Energy File With FERC for Merger Approval
MidAmerican Energy Holdings and Constellation Energy have filed an application with the Federal Energy Regulatory Commission requesting approval of their proposed merger.
The companies asked Federal Energy Regulatory Commission (FERC) to act on the application by January 15, 2009. Previously, MidAmerican and Constellation Energy reached a definitive merger agreement in which MidAmerican will purchase all of the outstanding shares of Constellation Energy for a cash consideration of approximately $4.7 billion or $26.5 per share.
Gregory Abel, president and CEO of MidAmerican, said: "We believe this transaction will provide Constellation Energy with improved access to capital through the backing of MidAmerican, ensuring it will continue to operate its facilities safely and reliably under the guidance of a US-based owner."