Azurix accepts Enron offer to purchase its shares for $8.375 per share

HOUSTON, Texas, Dec. 15, 2000 à‚– Enron Corp. announced today that it has entered into an agreement and plan of merger with Azurix Corp. under which the holders of Azurix௿½s publicly traded shares would receive cash of $8.375 per share.

Enron also announced that it has settled in principle certain shareholder litigation pending in Delaware and Texas that had challenged the Enron proposal as unfair. The settlement is contingent upon execution of a definitive settlement agreement, confirmatory discovery and court approval.

Enron is a global electricity, natural gas and communications company. The company, with revenues of $40 billion in 1999 and $60 billion for the first nine months of 2000, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business.

For more information, visit Enron௿½s Internet site at www.enron.com. The stock is traded under the ticker symbol ௿½ENE.௿½

Azurix is a global water company formed by Enron. The company acquires, owns, operates and manages water assets, providing water and wastewater related services, and developing and managing water resources.

For more information, visit www.azurix.com.

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