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21 November 2007 - Shareholders of Energy East Corporation yesterday overwhelmingly approved the agreement and merger plan with Iberdrola SA, whereby Energy East will become a wholly-owned subsidiary of the Spanish utility.
Approximately 93 per cent of the votes received were 'for' the merger.
Under the terms of the merger agreement, upon completion of the merger Energy East shareholders will be entitled to receive $28.50 in cash in exchange for each share of Energy East common stock they own. The merger remains subject to various state and federal regulatory approvals and other customary closing conditions. Energy East expects the merger to be completed in the first half of 2008.
"The strong support of shareholders for the Iberdrola transaction is just one example of the positive response we have been receiving from all constituencies, including customers, employees and the communities we serve," said Wes von Schack, chairman and chief executive officer of Energy East."
"As one of the largest energy companies in the world and the world's largest renewable energy provider, Iberdrola brings a commitment to helping us make the necessary infrastructure investments to meet our customers' future energy needs in an environmentally responsive manner."
"Also, their commitment to utilizing local management means customers will continue to receive high quality service from employees they have grown to know and trust, while employees will have greater opportunities in a growing, dynamic organization" he added.
Energy East is a super-regional energy services and delivery company serving about 3m customers throughout upstate New York and New England.
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