ATLANTA, Sept. 26 , 2001 The partnership discussions related to the possible combination of Bewag, VEAG, Laubag and HEW, the so-called Neue Kraft, have been terminated.
“Questions about the underlying partnership, and our responsibility to shareholders, led to the decision that we could not continue with the formation of the new energy company,” said Marce Fuller, president and chief executive officer of Mirant.
Mirant continues to own approximately 45 percent of the integrated utility, Bewag, which serves the city of Berlin. Through this investment Mirant remains committed to its position and the further development of the company in the German market.
In addition, Mirant continues to move forward with its European strategy which encompasses risk management, marketing, greenfield development and asset acquisitions throughout the competitive energy markets of Europe.
The termination of this proposed combination is expected to have no impact on Mirant’s 2001 earnings guidance or on the earnings range expected for 2002.