News for Firstenergy
Feb 11 · 1:57:00 PM · Source: Company Press Release
FirstEnergy and Allegheny Energy announced that both companies' boards of directors have unanimously approved a definitive agreement in which the companies would combine in a stock-for-stock transaction. Under the terms of the agreement, Allegheny shareholders would receive 0.667 shares of FirstEnergy common stock in exchange for each share of Allegheny they own. Based on the closing stock prices for both companies on February
10, 2010, Allegheny shareholders would receive a value of $27.65 per share, or $4.7 billion in the aggregate. FirstEnergy will also assume approximately $3.8 billion in Allegheny net debt. The price per share represents a premium of 31.6 percent to the closing stock price of Allegheny on February 10, 2010, and a 22.3 percent premium to the average stock price of Allegheny over the last 60 days ending February 10, 2010. Following the completion of the merger, it is anticipated that FirstEnergy shareholders would own approximately 73 percent and Allegheny shareholders would own
approximately 27 percent of the combined company.
The transaction is anticipated to be accretive to FirstEnergy earnings in the first year following the close. The companies expect to complete the transaction within 12-14 months.
The combination creates a leading regional energy provider with approximately $16 billion in annual revenues and $1.4 billion in annual net income.
· Related: Allegheny Energy
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by Michael Oliveto
Feb 10 · 5:19:00 PM · Source: Company Press Release
FirstEnergy’s Pennsylvania Power Company (Penn Power) has filed a plan with the Pennsylvania Public Utility Commission (PaPUC) to procure electric generation supply to serve customers beginning in June 2011.
The company, which does not own any electric generating plants, serves approximately 160,000 customers in western Pennsylvania.
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by Michael Oliveto
Oct 27 · 10:30:00 AM · Source: Company News Release
FirstEnergy Corp. said today third quarter 2009 basic and diluted earnings of $0.77 per share of common stock on net income of $230 million and revenue of $3.4 billion. In the third quarter of 2008 basic earnings were $1.55 ($1.54 diluted) per share of common stock on net income of $471 million and revenue of $3.9 billion.
The company said economic downturn and mild weather in its service area held down third quarter results.
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by Larry Etter
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