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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: Bob Rudd who wrote (853)11/28/2001 3:38:40 PM
From: James Calladine  Read Replies (1) of 1433
 
Enron Announces Notification By Dynegy of Merger Termination;

Credit Rating
Downgraded; Takes Action to Preserve Core Franchise



HOUSTON, Nov. 28 /PRNewswire/ -- Enron Corp. (NYSE: ENE) announced today that it has received a notice from Dynegy Inc. (NYSE: DYN) that, effective immediately, it is terminating the merger agreement between it and Enron. In addition, Standard & Poor's, Moody's Investors Service and Fitch, Inc. have downgraded Enron's long-term debt to below investment grade.
In response to these developments, Enron is taking actions designed to preserve value in the company's core trading and other energy businesses. Chief among these is a temporary suspension of all payments other than those necessary to maintain core operations.

"Uncertainty during the past few weeks with respect to the merger has dramatically lowered the market's confidence in Enron and its trading operations. With Dynegy's termination of the merger and the ratings agency downgrades, we are evaluating and exploring other options to protect our core energy businesses," said Kenneth L. Lay, Enron chairman and CEO. "To do this, we will work to retain the employees necessary to the continuing operations of our trading and other core energy businesses."

Enron is reviewing Dynegy's actions today, including its assertion that it is entitled to exercise an option to purchase Enron's interest in Northern Natural Gas Company.
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