MidAmerican and Constellation Energy Receive Early Termination of Hart-Scott-Rodino Act Waiting Peri
Media Contacts:
MidAmerican Energy Holdings Company:
Sara J. Schillinger/Ann Thelen
515-281-2785
Constellation Energy:
Robert L. Gould/Debra Larsson
410-470-7433
Investor Contacts (Constellation Energy):
Kevin Hadlock/Janet Mosher
410-470-3647/410-470-1884
DES MOINES, Iowa and BALTIMORE – (Nov. 3, 2008) – MidAmerican Energy Holdings Company and Constellation Energy (NYSE: CEG) today announced early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, related to MidAmerican’s proposed merger with Constellation Energy.
“The clearance of the Hart-Scott-Rodino Act is another step forward in achieving the necessary regulatory approvals required to complete this transaction,” said Gregory E. Abel, president and chief executive officer of MidAmerican.
“We are pleased by the decision and will continue to work closely with MidAmerican to obtain regulatory and shareholder approval of the transaction,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy.
On Sept. 19, 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. In addition, MidAmerican provided an immediate $1 billion cash infusion to Constellation Energy through the purchase of preferred equity. The definitive agreement has been approved by both companies’ boards of directors and is subject to, among other things, shareholder and customary federal and state regulatory approvals. Information about the transaction is available at www.constellationmidamerican.com.
About Constellation Energy
Constellation Energy (www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
About MidAmerican Energy Holdings
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Through its energy-related business platforms, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These business platforms are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy Company; CE Electric UK; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy. Information about MidAmerican is available at www.midamerican.com.
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