Friday, December 12, 2008

Is Exelon bidding for Reliant Energy? (EXC,RRI)

From The Deal:

According to a report in the Houston Business Journal on Friday, Exelon has made an offer to buy the Houston electricity retailer, citing an unnamed source inside the company. The company declined to comment.

New Orleans power producer and utility Entergy Corp. has also been named as a potential buyer, according to a report Dec. 8 by SNL Financial.

Reliant announced in October it was exploring options and had hired Morgan Stanley and Goldman, Sachs & Co. to advise it. A source told the Deal last month that the company had hoped to find a buyer by the end of November, but the lack of credit in the market and the difficulty assigning value to the assets when stocks and commodity prices are so volatile could have delayed the sale....MORE