Des Moines, Iowa-based MidAmerican Energy Holdings Co. and Baltimore-based Constellation Energy have filed an application with the Federal Energy Regulatory Commission (FERC) requesting approval of the proposed merger.
‘We are pleased to make our application with FERC promptly following the Sept. 19 announcement of our agreement and plan of merger with Constellation Energy,’ says Gregory E. Abel, president and CEO of MidAmerican. ‘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 United States-based owner.’
The companies asked FERC to act on the application by Jan. 15, 2009.
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 $26.50 per share. The definitive agreement has been approved by both companies' boards of directors and is subject to shareholder and customary federal and state regulatory approvals.
SOURCE: MidAmerican Energy Holdings Co.