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ENRON GLOBAL POWER & PIPELINES ANNOUNCES
SELECTION OF ADVISORS BY OVERSIGHT COMMITTEE
FOR IMMEDIATE RELEASE: Friday, May 30, 1997
HOUSTON - Enron Global Power & Pipelines L.L.C. (EPP) today announced that EPP's Oversight Committee has retained Dillon, Read & Co. as its financial advisor and Baker & Botts, L.L.P., as its legal counsel in connection with the evaluation of the previously-announced proposal by Enron Corp. to merge EPP into Enron.
The committee is a standing committee of the Board of Directors of EPP composed of three outside directors. The members of the Committee are Thomas C. Theobald, the Chairman of the Committee and former Chairman of the Board and Chief Executive Officer of Continental Bank Corporation; George S. Slocum, the former President and Chief Executive Officer of Transco Energy Company; and Brent Scowcroft, a retired Air Force Lieutenant General and former National Security Advisor to Presidents Ford and Bush.
EPP stated that, with the completion of the selection of these advisors, the Committee is now prepared to begin the process of evaluating the Enron offer. The Committee indicated that such evaluation will require a careful review of the assets, business and prospects of both EPP and Enron. As previously announced, the Committee expects the evaluation will take several weeks to complete.
Enron Global Power & Pipelines, majority owned by Enron, is traded on the New York Stock Exchange under the ticker symbol "EPP". 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. EPP and Enron are parties to a purchase right agreement that requires Enron to offer EPP ownership interests in qualifying power and natural gas pipeline projects developed or acquired by Enron outside the United States, Canada and Western Europe at prices more favorable to EPP than those at which Enron would be permitted to sell the projects to any third party.
For additional information please contact:
Gary Foster
(713) 853-4527
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