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  1. #1

    Default First Energy Bought Allegheny

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    First Energy to buy Allegheny Energy I really feel sorry for all those folks,wonder how many union people they'll try to cut,probably want to redo contracts.

  2. #2

    Default

    That just expanded the kingdom into West Virginia, Virginia, and Maryland.

    Welcome to the fun guys and gals!
    Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
    Abraham Lincoln

  3. #3

    Default Run!!!!!!

    They have a carbon copy paper on how to tear the company apart, it will be know differnt then with us. PREPARE your self Allegheny (Union Employees) Sad to say the worst is about to come your way! and its name is worst enemy. prepare to meet the FIFO's

  4. #4

    Default

    Sorry guys, your work life is about to change be ready for constant strife and get ready to find out how little about the work you actually know. Get ready for an invasion of ignorant, arrogant assholes.

  5. Smile money

    yep 4 billion dollars and no beeper money and $200 a year for fr clothing! not bad I wonder do they have to buy their own toilet paper too? What a bunch of phonies!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  6. Angry To all members of UWUA Local 102

    Brothers and Sisters, You best be growin' a set real fast. If this thing goes thru you WILL be tested. Contact Local 459 for the lowdown on FE. You won't be impressed. I believe your contract is up next May......get prepared NOW!!! It won't be fun.

  7. #7

    Default

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    Energy & Environment



    In $4.7 Billion Deal, FirstEnergy of Ohio Is to Buy a Pennsylvania Utility


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    CloseLinkedinDiggFacebookMixxMySpaceYahoo! BuzzPermalink By MICHAEL J. de la MERCED
    Published: February 11, 2010
    FirstEnergy of Ohio agreed on Thursday to buy Allegheny Energy of Pennsylvania for $4.7 billion in stock, creating a giant electricity provider with customers spread across the Midwest and mid-Atlantic.

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    A blog about energy, the environment and the bottom line.

    Go to Blog » The acquisition is a sign of what some analysts expect to be a wave of consolidation among energy producers to help lower costs and gain scale. But analysts and investors cautioned that regulators may stymie the deal, as they have with previous merger attempts between energy producers.

    The combined company, which will retain FirstEnergy’s name and headquarters in Akron, Ohio, will have about six million customers, $16 billion in annual revenue and $1.4 billion in annual profit. It will own 10 distribution companies in seven states — Maryland, New Jersey, New York, Ohio, Pennsylvania, Virginia and West Virginia — and generate electricity from a mix of coal, nuclear, natural gas, oil and renewable energy sources.

    Through the deal, FirstEnergy will raise its generating capacity to 24,000 megawatts, and it will have nearly 20,000 miles of high-voltage transmission lines across the Midwest and mid-Atlantic. It also expects to be better able to improve the environmental cleanliness of its fleet of power plants through the acquisition.

    While the chief executives of the two companies had long thought that a merger would make sense — the two worked together on projects in the past — it was not until late December that FirstEnergy and Allegheny began exploring a deal, Anthony J. Alexander, FirstEnergy’s chief executive, said in an interview on Thursday. Combined, the two companies will have a stronger balance sheet with plenty of cash to invest in new projects, he said.

    “You see few mergers that have the same feature set and business logic that this merger does,” Paul J. Evanson, Allegheny’s chief executive, added.

    Under the terms of the deal, Allegheny shareholders will receive 0.667 shares of FirstEnergy stock for every Allegheny share they own, worth about $27.65 at Wednesday’s closing prices. That represents about a 32 percent premium to Allegheny’s closing price on Wednesday and a 22.3 percent premium to the company’s 60-day average price. FirstEnergy will also assume about $3.8 billion of Allegheny’s debt.

    The deal must still be cleared by several regulatory agencies, including the Federal Energy Regulatory Commission and regulators in Maryland, Pennsylvania, Virginia and West Virginia. Both Mr. Alexander and Mr. Evanson dismissed concerns that the deal would not gain regulatory approval.

    Shares in Allegheny rose 12 percent, to $23.55, on Thursday, but remained below FirstEnergy’s offer price, worth about $26.41 at market close.

    After the deal’s completion, which is expected in 12 to 14 months, FirstEnergy shareholders will own about 73 percent of the new company.

    Mr. Alexander will remain chief executive, and Mr. Evanson will become executive vice chairman. Mr. Alexander said he expected few job cuts among engineers but did not address other staff cuts.

    FirstEnergy said it expected the deal to add to its earnings in the first year after the deal is completed.

    FirstEnergy was advised by Morgan Stanley and the law firm Akin, Gump, Strauss, Hauer & Feld. Allegheny was advised by Goldman Sachs and the law firm Skadden, Arps, Slate, Meagher & Flom.

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    Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
    Abraham Lincoln

  8. #8

    Default

    I have a lot of good friends at allegheny. I'm hoping for the best for them.

  9. Default Sorry

    It will get worse Allegheny with FE Hold on

  10. Default

    Featured Sponsorr

    I always wanted to move to Maryland or the Virginias now I can just transfer...

    Does any one know what top pay is in those areas as of right now?

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