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Article: Constellation, FPL unveil $11.5 billion merger plan.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- December 20, 2005
CopyrightCOPYRIGHT 2005 The Baltimore Sun. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dec. 20--After Mayo A. Shattuck III and Lewis Hay III began meeting last spring to discuss a merger of the power companies they lead, they described their talks as "Project NASCAR." Shattuck's Constellation Energy Group Inc. in Baltimore was code-named "Chevy" and Hay's FPL Group Inc. was "Ford."
Yesterday, in the pre-dawn darkness in midtown Manhattan, their tinkering under the hood was revealed: an $11.5-billion deal that will form the nation's second-largest electric utility portfolio and the largest energy supplier in markets where unregulated competition is allowed. It would also be the first of what is expected to be further such consolidations since ...