Exelon's acquisition of NRG on track to close in the fourth quarter

By Lisa Kerner

Charlotte, N.C., May 21 - The Federal Energy Regulatory Commission granted its approval for Exelon Corp.'s proposed acquisition of NRG Energy, Inc. as required by Section 203 of the Federal Power Act, it as announced on Thursday.

"While we need to review the order and its conditions carefully before commenting further, the approval of our application by FERC is a major step in the regulatory approval process," Elizabeth A. Moler, Exelon executive vice president, government and environmental affairs and public policy, said in a news release.

Moler said Exelon's combination with NRG remains on schedule to close in the fourth quarter.

In October, Exelon, a Chicago-based electric company, proposed acquiring NRG at a fixed exchange ratio of 0.485 of a share of Exelon common stock for each share of NRG common stock.

Exelon said it brought the offer directly to NRG shareholders on Nov. 12, 2008 after the Princeton, N.J.-based power generation company twice rejected the offer.

The exchange offer was extended to 5 p.m. ET on June 26 from Feb. 25 to allow Exelon time to obtain regulatory approvals and to solicit proxies for the election of directors to NRG's board.

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