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12 September 2003 - Reliant Resources, Inc. announced today that the NMa, the Dutch competition authority that reviews acquisitions for compliance with antitrust laws, has announced that it will initiate a second-phase review of the proposed purchase by nv Nuon of Reliant Resources' European business.
Houston-based Reliant and Nuon, a Netherlands-based electricity distributor, announced the proposed transaction in February 2003 subject to approval by Dutch and German regulatory authorities. German regulatory authorities already have approved the transaction.
Under the Dutch Competition Act, the NMa reviews acquisitions for compliance with antitrust laws in two stages. The NMa has concluded its first-phase review and determined that the commencement of a second-phase review is appropriate in light of the possibility of increased concentration in the Dutch market following the acquisition. According to its notification filing with the NMa, Nuon owns approximately 764 MW of generation capacity out of an estimated 18,000 MW in the Dutch market. Reliant Resources' European business owns approximately 3,496 MW in the Dutch market.
Reliant and Nuon are engaged in an ongoing dialogue with the NMa to address its concerns. Based on applicable regulatory precedents, the status of the NMa's investigation and subject to the favourable outcome of pending discussions among the parties, Reliant believes that NMa approval and closing should occur before the end of the year.
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