Icahn given approval for Dynegy acquisition
Acquisition gains approval from FERC.
Unique summary: Sales negotiations between Icahn and Dynegy have been given the green light by the US government.
Sales negotiations between Dynegy and Icahn Enterprises LP (IEP) have been approved by the Federal Energy Regulatory Commission (FERC).
The joint application between an affiliate of IEP and Dynegy tabled the acquisition of the latter by IEP.
Following the FERC approval of the sales negotiations, the tender - offered by the IEP associate on December 22nd last year - can now be closed as all the regulatory conditions have been met.
Previous to the December 22nd tender offer, the IEP affiliate and Dynegy entered into a merger agreement on December 15th.
The associate put forwards plans during the sales negotiations to buy all of Dynegy's common stock in cash at $5.50 (£3.44) per share, with such an offer set to expire on February 14th this year.
Dynegy provides wholesale ancillary, power and capacity services to other energy firms, municipalities and cooperatives across seven US states on the west coast, in the north-east and in the mid-west.