do they get it ? new york , nov 12 ( reuters ) - online energy trading
leader enrononline will merge with smaller rival
dynegydirect after its parent company enron corp .
( nyse : ene - news ) agreed last week to a $ 9 billion
takeover by dynegy inc . ( nyse : dyn - news ) , dynegy said
monday .
the integration of the two platforms will take about
six to nine months , dynegy said . in the meantime , the
two will continue to operate separately .
` ` we ' re looking to take the best of both platforms for
the integrated company , ' ' said dynegy spokesman john
sousa . ` ` ( the emerging platform ) will continue to be
based on a one - to - many philosophy as it stands now . ' '
on both enrononline and dynegydirect traders can only
deal with enron and dynegy , respectively .
enrononline is the biggest online energy trading
platform in the united states , with a daily average of
$ 2 . 6 billion in trades in the past month .
dynegydirect is a much smaller , though growing
platform . it recorded nearly $ 10 billion in
transactions in the third quarter .
the two platforms offer trading in hundreds of
products and services , from crude oil and refined
products , to natural gas and electricity . most of the
trading is done in u . s . markets , but some european
markets are available as well .
enron , currently north america ' s biggest buyer and
seller of both natural gas and electricity , agreed to
a dynegy buyout after it was overwhelmed by a series
of problems , including a u . s . regulatory probe into
the off - balance sheet dealings , a $ 1 . 2 billion cut in
shareholder equity and damaging credit rating
downgrades .
however , dynegy can drop its offer if more bad news
emerges , or if pending lawsuits against enron lead to
more than $ 3 . 5 billion in costs .
dynegy also expressed confidence the takeover will win
u . s . regulatory approval and said it does not expect
any antitrust concerns to impede the merger of the two
electronic platforms .
dynegy shares gained $ 5 . 55 , or 14 . 3 percent , to $ 44 . 31
on the new york stock exchange , while shares of enron
rose 61 cents , or 7 percent , to $ 9 . 24 .
the takeover halted a free - fall in enron ' s stock that
lost about 75 percent of its market capitalization in
the past month .
do they get it ?
new york , nov 12 ( reuters ) - online energy trading
leader enrononline will merge with smaller rival
dynegydirect after its parent company enron corp .
( nyse : ene - news ) agreed last week to a $ 9 billion
takeover by dynegy inc . ( nyse : dyn - news ) , dynegy said
monday .
the integration of the two platforms will take about
six to nine months , dynegy said . in the meantime , the
two will continue to operate separately .
` ` we ' re looking to take the best of both platforms for
the integrated company , ' ' said dynegy spokesman john
sousa . ` ` ( the emerging platform ) will continue to be
based on a one - to - many philosophy as it stands now . ' '
on both enrononline and dynegydirect traders can only
deal with enron and dynegy , respectively .
enrononline is the biggest online energy trading
platform in the united states , with a daily average of
$ 2 . 6 billion in trades in the past month .
dynegydirect is a much smaller , though growing
platform . it recorded nearly $ 10 billion in
transactions in the third quarter .
the two platforms offer trading in hundreds of
products and services , from crude oil and refined
products , to natural gas and electricity . most of the
trading is done in u . s . markets , but some european
markets are available as well .
enron , currently north america ' s biggest buyer and
seller of both natural gas and electricity , agreed to
a dynegy buyout after it was overwhelmed by a series
of problems , including a u . s . regulatory probe into
the off - balance sheet dealings , a $ 1 . 2 billion cut in
shareholder equity and damaging credit rating
downgrades .
however , dynegy can drop its offer if more bad news
emerges , or if pending lawsuits against enron lead to
more than $ 3 . 5 billion in costs .
dynegy also expressed confidence the takeover will win
u . s . regulatory approval and said it does not expect
any antitrust concerns to impede the merger of the two
electronic platforms .
dynegy shares gained $ 5 . 55 , or 14 . 3 percent , to $ 44 . 31
on the new york stock exchange , while shares of enron
rose 61 cents , or 7 percent , to $ 9 . 24 .
the takeover halted a free - fall in enron ' s stock that
lost about 75 percent of its market capitalization in
the past month .