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FERC Gives Nod to LG&E-Power Gen Merger
Kentucky-based LG&E Energy and Powergen plc of the United Kingdom came one step closer yesterday to completing their sizable merger. The Federal Energy Regulatory Commission approved the merger sooner than either company expected.
FERC ruled the transaction was in the public interest, and would not adversely affect competition, rates, or regulation. "We are fortunate to have obtained the commission's approval at this time," said Roger W. Hale, LG&E Energy's chairman. "There is now a very real possibility that this merger can be completed before the end of 2000."
The Kentucky Public Service Commission approved the merger in May, and both Powergen's and LG&E's shareholders approved the union earlier this month. The only two approvals left are from the Securities and Exchange Commission and the Virginia State Corporation Commission.
The combined company will constitute a global power company with assets of nearly $12 billion and total revenues of $8.7 billion. Under the Powergen name, the company will serve over four million customers worldwide.
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