Dynegy shareholders approve proposal to acquire LS Power plants in $2 billion deal

By Lisa Kerner

Charlotte, N.C., March 29 - Dynegy Inc. said holders of roughly 78% of the company's class A common stock voted in favor of the proposed combination between Dynegy and LS Power Group.

Chevron Corp., which owns all of Dynegy's 97 million shares of class B common stock outstanding, voted all of its shares in favor of the transaction, according to a company news release.

The transaction is expected to be completed on April 2.

In September, Dynegy announced plans to acquire 11 power plants from LS Power in a deal valued at more than $2 billion.

The deal calls for Dynegy to pay LS Power 340 million Dynegy shares, or a 40% stake in Dynegy, as well as $100 million in cash and a $275 million junior subordinated note.

Dynegy, based in Houston, produces and sells electric energy, capacity and ancillary services.

LS Power is an investment and asset management group of companies focused on the power industry located in Houston.

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