Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	11/7/2001 8:49:26 PM
From: Frank Pembleton	Read Replies (1) of 36161

Dynegy in talks to acquire Enron - source Reuters, 11.07.01, 6:44 PM ET HOUSTON, Nov 7 (Reuters) - Energy trading and marketing firms Dynegy Inc. (nyse: DYN - news - people) and Enron Corp. (nyse: ENE - news - people) are in an advanced stage of talks for Dynegy to acquire Enron by means of a stock swap, a source familiar with the deal said on Wednesday. The deal, which could be officially announced later this week, would also involve a capital injection of about $1.5 for Enron from oil company ChevronTexaco Corp. (nyse: CVX - news - people), the source said. Chevron was one of Dynegy's founding investors. Terms of the stock swap have not yet been decided, but Enron stockholders would likely receive an amount of Dynegy stock that would give them a "modest premium" over current Enron stock prices, said the source, who spoke on condition of anonymity. Enron has seen its stock hammered in recent weeks after reporting its first quarterly loss in over four years and taking a $1.2 billion equity write-down. Some of its deals are being investigated by the U.S. Securities and Exchange Commission and it has had its credit ratings lowered by the major agencies. The Houston-based company is North America's biggest buyer and seller of natural gas and electricity. The source who told Reuters of the proposed deal said other options were still open to Enron if the acquisition by Dynegy fell through for some unexpected reason. Copyright 2001, Reuters News Service. forbes.com

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