Power Group Online Article |  | |
23 December 2003 - British Energy shareholders approved Monday the disposal to Exelon Generation Company LLC (Exelon) of British Energy's 50 per cent interest in AmerGen Energy Company, LLC (AmerGen) at an Extraordinary General Meeting held solely for this purpose.
It is expected that closing of the transaction will take place within the next few days.
At closing, British Energy will receive approximately $277m in cash subject, amongst other things, to any post-closing adjustments to be determined relating to working capital levels, unspent nuclear fuel, capital expenditures and low-level waste disposal costs at the time of closing.
The proceeds, net of transaction costs and break fee, are expected in the first instance to be used to repay outstanding sums made available to British Energy under the UK Government credit facility.
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