DALLAS, Jan. 25, 2001 (PRNewswire) à‚– TXU Europe, a wholly owned subsidiary of TXU (NYSE: TXU), has entered into an agreement with a consortium led by Caja Asturias and Electricidade de Portugal S.A. to support the consortium’s unconditional bid for 100 percent of the share capital of Hidroelectrica del Cantabrico (SM: CAN).
The agreement was an important factor in allowing the consortium’s bid to proceed. It provides all shareholders the opportunity to accept the unconditional offer from the consortium. TXU believes that the consortium’s offer represents a good financial return for all shareholders, ensures a strong future for Hidroelectrica del Cantabrico, its employees, and the Asturias region.
This transaction provides TXU Europe with certainty over its exit from Hidroelectrica del Cantabrico at Euro 24 ($21.91) per share. TXU Europe currently owns over 21.7 million shares, a 19.2 percent stake in Hidroelectrica del Cantabrico.
TXU is a multinational provider of electric and natural gas services, merchant trading, energy marketing, telecommunications and other energy- related services. TXU is one of the largest energy services companies in the world with more than $19 billion in revenue and more than $40 billion of assets.
TXU has 30,000 megawatts of power generation and sells 290 million megawatt hours of electricity and 2 trillion cubic feet of natural gas annually. TXU delivers energy to 11 million customers primarily in the U.S., Europe and Australia. More information about TXU may be obtained from its web site at www.txu.com.