12 Sep (NucNet): The merger of Dallas-based energy company TXU Corporation with Texas Energy Future Holdings is likely to be completed later this year after the US Nuclear Regulatory Commission (NRC) gave its approval to the proposal.
TXU, which through its Luminant subsidiary owns and operates the twin-unit Comanche Peak nuclear power plant in Texas, said approval by the NRC was the final regulatory approval for the merger.
Texas Energy Future Holdings was formed by a group of investors led by Kohlberg Kravis Roberts and Texas Pacific Group to facilitate the merger.
TXU shareholders approved the merger agreement in July 2007. Under the terms of the agreement, shareholders will be entitled to 69.25 US dollars (49 euro) in cash for each share of TXU common stock.
In August 2006, TXU announced plans to develop applications to file with the NRC for combined construction and operating licences for two to six gigawatts of new nuclear power generation capacity at one to three sites. The filings could lead to the commercial operation of new reactor units from 2015.
>>Related reports in the NucNet database (available to subscribers)
US Energy Company TXU Announces New-Build Proposals (News No. 186, 31 August 2006)
TXU Chooses Mitsubishi’s US-APWR For Possible New Units (News No. 64, 14 March 2007)
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