Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: racermonk who wrote (958)	12/3/2001 12:14:02 PM
From: M0NEYMADE	of 1433

Small U.S. power company plans Enron takeover December 03, 2001 10:05:00 AM ET NEW YORK, Dec 3 (Reuters) - Privately held Standard Power & Light said on Monday that it intends to initiate an offer to acquire a majority of troubled Enron Corp. (ENE) shares and then sell off the company's non-core assets. Oak Brook, Ill.-based Standard Power, which acquires and develops independent power plants, said it is preparing a tender offer to acquire "at least a majority" of Enron's outstanding shares for a price of less than $1 per share, according to a filing with the U.S. Securities and Exchange Commission. The company would then sell off the non-energy related businesses and ultimately retire the company's massive $17 billion debt load through a "long-term reorganization." The company provided no details on how it would finance such a deal, but did say it was assembling a financing package involving several different lenders, both public and private. Enron shares traded up 2 cents to 28 cents in early trading on the New York Stock Exchange Monday. Last week, Dynegy Inc.(DYN) walked away from an agreement to acquire Enron for about $9 billion. Standard Power's offer would likely value the Houston energy company at less than $700 million. REUTERS © 2001 Reuters

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