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MERGER OF ENRON CORP./ENRON GLOBAL POWER & PIPELINES CLOSES FOLLOWING HIGHLY FAVORABLE SHAREHOLDER VOTE
FOR IMMEDIATE RELEASE: Tuesday, November 18, 1997
HOUSTON - Enron Corp. and Enron Global Power & Pipelines L.L.C. (EPP) announced today that over 81 percent of EPP common shares were voted in favor of the merger of EPP and Enron Corp. and over 99 percent of the non-Enron Corp. affiliated shareholders of EPP present and voting today voted in favor of the merger. As a result of the favorable vote and with the satisfaction and confirmation of certain other conditions, the merger of the two companies closed earlier today. Under the terms of the merger agreement, each EPP shareholder will receive 0.9189 shares of Enron common stock for each EPP share held.
"We are very pleased with the results of today's vote and believe EPP shareholders have firmly conveyed their desire to participate in the full international spectrum of Enron's activities," said Rodney L. Gray, chairman and CEO, EPP.
"Now that we have completed the merger of EPP and Enron, we can fully leverage our international operations and extensive skill base to build value for our customers and shareholders," said Kenneth L. Lay, chairman and CEO, Enron Corp.
EPP's assets consist of interests in two power plants in the Philippines, power plants in Guatemala and the Dominican Republic and natural gas pipeline systems in Argentina and Colombia.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $23 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest marketer of natural gas and electricity in North America; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns and manages operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Carol Hensley
(713) 853-6498
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