Energy East shareholders approve $28.50-per-share acquisition by Iberdrola

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Energy East Corp. said its shareholders "overwhelmingly" approved the company's plan of merger with Iberdrola, SA.

Approximately 93% of the votes received were in favor of the merger, according to an Energy East news release.

Under the terms of the merger agreement, Energy East shareholders will receive $28.50 in cash for each Energy East share held.

The transaction is slated to close in the first half of 2008.

"The strong support of shareholders for the Iberdrola transaction is just one example of the positive response we have been receiving from all constituencies, including customers, employees and the communities we serve," Energy East chairman and chief executive officer Wes von Schack said in the release.

"As one of the largest energy companies in the world and the world's largest renewable energy provider, Iberdrola brings a commitment to helping us make the necessary infrastructure investments to meet our customers' future energy needs in an environmentally responsive manner."

On June 25, Iberdrola agreed to acquire Energy East in a transaction valued at $8.6 billion.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

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