Exelon files for change-of-control approval in proposed merger with NRG

By Lisa Kerner

Charlotte, N.C., April 8 - Exelon Corp. said the California Public Utilities Commission accepted its application for authority to acquire indirect control and ownership of NRG Energy Center San Francisco, LLC, a subsidiary of NRG Energy Inc.

The commission regulates NRG Energy Center's San Francisco facility as a utility and must approve the change in control that would result from Exelon's acquisition of NRG Energy, according to a form 8-K filed with the Securities and Exchange Commission.

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 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 NRG directors.

As previously reported, Exelon is seeking to replace four of NRG's incumbent board members with its nominees.

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