Exelon CEO Remains Focused On Internal Growth Rather Than M&A
October 23 2009 - 12:17PM
Dow Jones News
Exelon Corp. (EXC) remains focused on internal growth, including
increasing the output of its nuclear power plants, rather than
merger and acquisition activity, its chairman and chief executive
said Friday.
John Rowe, during a conference call with investors, didn't
completely rule out deal activity, but continued to say he's
focused on internal growth and weathering the challenging economy.
He brought up the subject on the call because he said the company
has been asked recently whether it's pursing the acquisition of
Calpine Corp. (CPN).
"We are very much internally focused," Rowe said.
Exelon has pursued a handful of large deals in recent years
without success. The most recent was a hostile bid for NRG Energy
Inc. (NRG) that failed earlier this year. Both Calpine and NRG
Energy are merchant generation companies, which sell power at
market prices rather regulated rates and don't have utility
operations.
Exelon recently traded down 1.6% to $50.03, while Calpine was
down 2% to $11.37.
-By Mark Peters, Dow Jones Newswires; 212-416-2457;
mark.peters@dowjones.com
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