We are pleased to make our application with FERC promptly following the Sept. 19 announcement of our Agreement and Plan of Merger with Constellation Energy, said Gregory E. Abel, president and chief executive officer of MidAmerican.
We believe this transaction will provide Constellation Energy with improved access to capital through the backing of MidAmerican, ensuring it will continue to operate its facilities safely and reliably under the guidance of a United States-based owner.
We continue to make good progress in completing the regulatory filings necessary for timely approval of this transaction, said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy.
The companies asked FERC to act on the application by Jan. 15, 2009.
On Sept. 19, MidAmerican and Constellation Energy reached a definitive merger agreement in which MidAmerican will purchase all of the outstanding shares of Constellation Energy for a cash consideration of approximately $4.7 billion, or $26.50 per share. The definitive agreement has been approved by both companies boards of directors and is subject to, among other things, shareholder and customary federal and state regulatory approvals.