Infrastructure
Constellation, Maybe Not Out For The Count (CEG)
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Constellation Energy (NYSE: CEG) may have found a savior. Its US partner, France-based EDF, is reportedly considering making either a bid or at taking an increased stake. This is also in the midst of EDF sweetening its bid for UK nuclear power operator British Energy. We would still urge that traders consider this more rumor than fact because of the current history of mergers being rather shoddy ones for shareholders.
There are different reports so you can see what they are reporting on FT.com site or WSJ. Either way, shares are responding in after-hours trading after yetanother crummy day.
Constellation closed down 19% at $24.77 and sharesare back up 25% at $31.00 in after-hours trading. Either way, this isan ugly performer for the year. Its 52-week high is over $107.00.
Jon C. Ogg
September 17, 2008
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