Exelon raises bid for NRG Energy to $8 billion

[July 02, 2009]  NEW YORK (AP) -- Power generator Exelon Corp. says it has raised its offer to buy rival NRG Energy Inc. to about $8 billion in stock.

Exelon first offered to buy NRG in October, and its previous offers have been rejected. Exelon said Thursday that it increased the bid by 12.4 percent because it found an additional $1.5 billion in potential savings from the tie-up, and because of NRG's recent acquisition of Reliant Energy's Texas retail business.

Princeton, N.J.-based NRG has repeatedly said the old offer undervalues the company.

If NRG combines with Chicago-based Exelon, the new company would be the largest U.S. power generator, providing energy to about 45 million homes.

[Associated Press]

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