14:49 ET SITHE TO SELL 49.9% OF NORTH AMERICAN ASSETS TO PECO ENERGY
NEW YORK, Aug 14, 2000 /PRNewswire via COMTEX/ -- Sithe Energies, Inc.
announced today that it has entered into a definitive agreement with PECO Energy
Company (NYSE: PE) under which PECO will acquire 49.9% of Sithe North America.
Upon completion of the agreement, the remaining 50.1% of Sithe North America
will be owned by Vivendi (33%), Marubeni Corp. (15%) and Sithe management (2%).
Under the terms of the agreement, two to five years after closing, PECO can
purchase the remaining 50.1% of Sithe North America at a price subject to
certain market conditions.
William Kriegel will continue to serve as chairman and chief executive officer
of Sithe and the Company will continue to be headquartered in New York City. The
transaction is conditioned upon the satisfaction of customary conditions and is
expected to close by October 2000.
William Kriegel, chairman and chief executive officer of Sithe, said, "When I
founded Sithe more than fifteen years ago, I saw there was an increasing need
for electric generation capacity in the U.S. and throughout the world. Today's
announcement demonstrates the validity of our strategy. Sithe has assembled one
of the largest portfolios of environmentally-friendly, non-nuclear power
generating facilities and has distinguished itself as a leader in energy
development. All of us at Sithe are proud that together, we have delivered
significant value to our shareholders. I am confident that Sithe and its
employees will benefit from working closely with PECO, one of the country's
leading energy companies."
Corbin McNeill, Jr., chairman, president and chief executive officer of PECO
Energy, said, "This transaction gives us the opportunity to join with one of the
country's leading merchant power developers operating a quality fleet of assets
in robust, unregulated power markets. Our generating focus has moved beyond
nuclear generating capability and unit-by-unit acquisitions. Also, we will be
acquiring an extensive electric and natural gas trading presence in the New
England and New York power pools, complementing our already strong Midwest and
mid-Atlantic positions. Additionally, the transaction will give us one of the
strongest generation development capabilities in the world."
"Deregulation of the energy industry and the introduction of new technologies,
particularly the Internet, have created unique opportunities for investors with
the right experience and resources. With kRoad Ventures, we will bring our
collective resources, experience and vision to emerging companies in the
infrastructure industries and capitalize on the enormous opportunities
available," concluded Mr. Kriegel, who also serves as chairman of kRoad Ventures
kRoad Ventures L.P. (kRoad) is a global venture capital fund based in New York
City that invests in and counsels early stage (first and second round) Internet
and technology-driven ventures in the infrastructure sector (energy, utilities,
water, telecommunications and waste-management). kRoad partners include William
Kriegel, Sithe, Vivendi and Softbank.
PECO Energy Company is an electric and gas utility with 6,500 employees serving
1.5 million electric costumers in the five-county Philadelphia region and more
the 425,000 natural gas customers. It has aggressively forged into the
deregulation marketplace, trading wholesale power establishing unregulated
ventures in retail energy sales, telecommunications and utility infrastructure
management. PECO Energy has set new nuclear performance standards in safety,
capacity factors, refueling efficiency and low operating and maintenance costs,
while producing more than 36 billion kilowatt-hours of nuclear electricity in
19999. PECO Energy also owns and operates coal, natural gas, oil, landfill gas
and hydro generating plants.
Sithe Energies, Inc., founded in 1984 and headquartered in New York City, has an
extensive portfolio of projects in operation, under construction, or in active
development. Sithe North America owns and operates 27 power generation
facilities with approximately 3,800 MW of net generating capacity in North
America and currently has under development 11 facilities with an estimated
2,500 MW of capacity.
SOURCE Sithe Energies, Inc.
CONTACT: Dan Katcher or Eden Abrahams, both of Joele Frank, Wilkinson
Brimmer Katcher, 212-355-4449, for Sithe Energies, Inc.
(C) 2000 PR Newswire. All rights reserved.
KEYWORD: New York
INDUSTRY KEYWORD: OIL
SUBJECT CODE: TNM
17:34 ET GO-KARTS, EYE AND EAR DROPS RECALLED
WASHINGTON, Aug. 14 (UPI) -- The Consumer Product Safety Commission Monday
announced the recall of 91,000 go-karts and the Food and Drug Administration
warned Rich's MSM Eye & Ear Drops may be contaminated with yeast and a bacteria
that can cause sight-threatening injuries.
17:34 ET AMD UNDERCUTS INTEL WITH LATEST CHIP PRICES
Aug 14, 2000 (Tech Web - CMP via COMTEX) -- Advanced Micro Devices Inc. finally
agreed to reduce the price of its 1-GHz Athlon microprocessors, introducing its
1.1-GHz Athlon in the process.
17:34 ET FORD: FIRESTONE PLANT HAD QUALITY PROBLEMS
DETROIT, Aug. 14 (UPI) -- Tires made at the Firestone plant in Decatur, Ill.,
during the mid-1990s had numerous quality control problems, according to data
released by Ford Motor Co. Monday.
17:34 ET NEWS CORP. TO ACQUIRE CHRIS-CRAFT
New York, Aug 14, 2000 (123Jump via COMTEX) -- Rupert Murdoch's News Corp.
(NYSE:NWS), owner of the Fox Television Network, announced Monday that it will
acquire Chris-Craft (NYSE:CCN) and subsidiaries for about $5.35 billion, about
$2.13 billion in cash and approximately 73 million American depositary receipts
17:34 ET WRAP: BROADCOM TO BUY NEWPORT COMMUNICATIONS FOR $1.24 BILLION
By BridgeNews New York--Aug. 14--Broadcom Corporation, the provider of
integrated circuits enabling high speed broadband communications, said Monday it
has agreed to buy optical communications chip maker NewPort Communications Inc.
in a stock deal worth $1.24 billion, extending Broadcom's reach in the
14:49 ET EU APPROVES FRANCE TELECOM'S ACQUISITION OF BRITAIN'S ORANGE
BRUSSELS (Aug. 14) XINHUA - The European Union (EU) said Monday that it has
granted regulatory clearance to France Telecom's acquisition of the sole control
over the British mobile phone operator Orange.