PSEG and Exelon to Continue Merger Settlement Negotiations With New Jersey
05 August 2006 - 12:28PM
PR Newswire (US)
NEWARK, N.J. and CHICAGO, Aug. 4 /PRNewswire-FirstCall/ -- PSEG and
Exelon met late this afternoon with the New Jersey Board of Public
Utilities (NJ BPU) staff to discuss the status of their proposed
merger and the companies' settlement offer valued at $1.46 billion.
The companies appreciate the NJ BPU's commitment to engage in
constructive and expeditious negotiations designed to reach a
prompt resolution of the merger case. This evening the Exelon Board
of Directors met to consider the status of the merger. The Board
authorized Exelon management to continue negotiations and report to
the Board through August 21, 2006, and reconvene the Board if a
satisfactory settlement is not concluded by that date. The Board
also authorized management to terminate negotiations earlier if
they will not result in a satisfactory settlement agreement. "We
are pleased that the NJ BPU staff is prepared to move forward with
accelerated negotiations. We remain committed to the financial
boundaries that we have outlined in our proposal but are flexible
about the details. It has taken a great deal of effort to get this
far and it makes sense to spend a little more time to try to make
this work," said John W. Rowe, chairman, president and CEO, Exelon.
"Both companies are prepared to continue our best efforts --
working around the clock, seven days a week -- to reach a
resolution as quickly as possible. We still believe the merger has
clear, tangible and meaningful benefits for New Jersey," said E.
James Ferland, chairman, president and CEO, PSEG. Both Rowe and
Ferland indicated they cannot predict the outcome of the
negotiations and reiterated that both Boards of Directors would
need to review and approve any settlement. DATASOURCE: PSEG
CONTACT: Paul Rosengren of PSEG, +1-973-430-5911; or Kellie Szabo
of Exelon, +1312-394-3071 Web site: http://www.pseg.com/
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