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Mirant and RRI Energy Complete Merger

Source: www.gulfoilandgas.com 12/3/2010, Location: North America

Mirant Corporation and RRI Energy, Inc. announced that they have completed their merger to form GenOn Energy, Inc.. GenOn is one of the largest independent power producers in the United States, with approximately 24,600 megawatts of electric generating capacity. GenOn common stock will begin trading on the New York Stock Exchange on December 6 under the stock symbol GEN.

“This merger will create significant near-term stockholder value driven by $150 million of annual cost savings,” said Edward R. Muller, chairman and chief executive officer of GenOn. “GenOn’s geographic diversity, scale, financial strength and flexibility leave us well-positioned to deliver additional stockholder value as the power markets recover.”

In connection with the all-stock, tax-free merger, RRI Energy, Inc. changed its name to GenOn Energy, Inc. Each share of RRI stock will become a share of GenOn Energy common stock. Mirant stockholders will receive a fixed ratio of 2.835 shares of GenOn Energy common stock for each share of Mirant common stock. RRI Energy considered, but decided not to implement a reverse stock split.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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