4 of NRG Energy for 139 million last June

Us Billionaire Warren Buffett to emulate. A month after its offer of $ 4.7 billion (EUR 3.5 billion) on the electricity company Constellation Energy, that EDF had to throw the sponge on 15 October, it is the turn of the first US nuclear operator, Exelon, attempting to take advantage of the discount of its competitors. But, unlike Warren Buffett, the pattern of Exelon, John w. Rowe, did not wait to have the green light from the target to launch. The producer of Chicago yesterday unveiled a public offer of Exchange (CFS) unsolicited $ 6.2 billion (EUR 4.65 billion) on NRG Energy, the second largest producer of electricity in Texas. For only one answer, it prompted yesterday its shareholders not to bring their titles in the immediate future.

If successful, the new set will represent production capacity cumulative 47,000 megawatts (including 18,000 nuclear) with 45 million households served. "This reconciliation is not only to diversify the geographic portfolio of Exelon, it will immediately improve our results and our level of liquidity," said John w. Rowe. The operation could give rise to the number one undisputed electricity and gas in the United States in stock market terms, with a capitalization of $ 40 billion.

The resumption of NRG Energy (with its ability to 22.925 megawatts and 18.3 million households served) would allow Exelon, which already has 17 nuclear power plants, to expand its production capacity in Texas, California, Connecticut, Louisiana and New York. Last April, EDF has an agreement of co-operation with Exelon in the areas of "judgments of slices, the operation of the fuel and the reliability of the equipment.

A $ 26,43 per share (i.e. 0,485 Exelon action for each title NRG Energy), the offer of the American issue of nuclear energy represents a premium of 37 over the last closing price of its target. But the course of the Texas Group collapsed from 55 in three and a half months. Well before its offer on Constellation Energy Company Berkshire Hathaway's Warren Buffett took 1.4 of NRG Energy for $ 139 million last June. For some analysts, the offer of Exelon, today on a valuation significantly less than the price paid by Warren Buffett, remains inadequate in comparison with the potential of the Texas Group. Only plants of the Texas would be 63 dollars per share, more than double the price put on the table by Exelon, according to Gordon Howald of Calyon Securities. In May 2006, the US group Mirant Corp. had already attempted to launch a hostile bid of 7.8 billion on NRG Energy before abandoning a month more later.

Exelon supply occurs in a context of consolidating power in the United States. After regaining KeySpan for $ 7.3 billion in 2007, the British National Grid sold its plant in Ravenswood, in New York, TransCanada 2.9 billion last April. The decline in prices of producers promotes concentration operations. But, in view of the NRG Energy (8 billion) debt, some analysts argue that Exelon supply involves a risk of higher refinancing on bottom of the credit crisis.