Mirant and RRI Energy Complete Merger
December 03 2010 - 12:00PM
Marketwired
Mirant Corporation and RRI Energy, Inc. (NYSE: RRI) announced today
that they have completed their merger to form GenOn Energy, Inc.
(NYSE: GEN). 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 Monday, 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.
About GenOn Energy, Inc. GenOn Energy,
Inc. (NYSE: GEN) (NYSE: RRI) is one of the largest competitive
generators of wholesale electricity in the United States. With
power generation facilities located in key regions of the country
and a generation portfolio of approximately 24,600 megawatts, GenOn
is helping meet the nation's electricity needs. GenOn's portfolio
of power generation facilities includes baseload, intermediate and
peaking units using coal, natural gas and oil to generate
electricity. We have experienced leadership, dedicated team
members, financial strength and a solid commitment to safety, the
environment, operational excellence and the communities in which we
operate. GenOn will routinely post all important information on its
Web site at www.genon.com.
Forward Looking Statements This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or
phrases such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target," "forecast," and
other words and terms of similar meaning. These forward-looking
statements involve a number of risks and uncertainties. We caution
readers that any forward-looking statement is not a guarantee of
future performance and that actual results could differ materially
from those contained in the forward-looking statement. Such
forward-looking statements include, but are not limited to,
statements about the benefits of the merger, including future
financial and operating results, the combined company's plans,
objectives, expectations and intentions with respect to future
operations, and other statements that are not historical facts.
Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are set forth in our filings with the Securities and Exchange
Commission. These include risks and uncertainties relating to: the
business not being integrated successfully; the cost savings and
any other synergies from the transaction not being fully realized
or taking longer to realize than expected; disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or suppliers; changes in the assumptions used
to estimate fair value of the acquired assets adversely effecting
the combined company's operating results; general worldwide
economic conditions and related uncertainties; the effect of
changes in laws and governmental regulations; and other factors
discussed or referred to in the "Risk Factors" section of Mirant's
and RRI's most recent Annual Report on Form 10-K and Quarterly
Report on Form 10Q filed with the Securities and Exchange
Commission. Each forward-looking statement speaks only as of the
date of the particular statement and we do not undertake any
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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