Reliant to Buy Dutch Power Firm
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HOUSTON — Reliant Energy Inc., owner of the second-largest utility in Texas, agreed Wednesday to buy one of the largest Dutch power companies for about $2.4 billion, expanding into Europe as the continent moves to open electric sales to competition.
Reliant, which last month changed its name from Houston Industries Inc., said it will first buy a 40% stake in Energieproduktiebedrijf UNA for $900 million, then acquire the rest of the company by 2006. UNA, owned by four municipal governments, provides 20% of the Netherlands’ electricity. It will be the first electric company in the Netherlands to be privatized.
Houston-based Reliant said it beat out several other large energy companies in bidding for UNA, including Edison International of California, Texas Utilities Co. of Dallas and Britain’s National Power.
The European Union has ordered 12 countries to open 25% of their electricity markets to competition.
Reliant shares rose 19 cents to close at $27.13 on the New York Stock Exchange.
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