TXU shareholders OK merger with investment group

By Lisa Kerner

Charlotte, N.C., Sept. 7 - TXU Corp. shareholders voted to approve the merger agreement with Texas Energy Future Holdings LP at a special meeting held on Friday. More than 340 million, or 74%, of the total outstanding shares of TXU common stock were voted in favor of the deal. More than 95% of the shares voted were for the merger.

The merger agreement calls for TXU shareholders to receive $69.25 cash per TXU share, with the transaction slated to close in the fourth quarter.

"We are pleased that the shareholders have demonstrated with their votes that they agree with the board's recommendation that the merger is in their best interests," TXU chairman and chief executive officer John Wilder said in a company news release.

"We will remain diligent in our efforts to obtain the additional regulatory approval and to close the transaction as soon as possible."

TXU shareholders also voted to elect directors Leldon E. Echols, Kerney Laday, Jack E. Little, Gerardo I. Lopez, J.E. Oesterreicher, Michael W. Ranger, Leonard H. Roberts, Glenn F. Tilton and C. John Wilder. In addition, shareholders approved the selection of Deloitte & Touche LLP as TXU's independent auditor for the year 2007.

Shareholders rejected two proposals: one related to the adoption of quantitative goals for emissions and another requesting a report on the Dallas-based energy company's political contributions and expenditures.

Texas Energy Future Holdings was formed by a group of investors led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group.

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