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BUSINESS NEWS.(A)
Builder Pulte buying Del Webb
The home builder will buy the builder of homes for active seniors for $800 million in stock. Pulte also will assume $1 billion in debt. The transaction will help Pulte cater to aging, wealthy baby boomers. It values Del Webb sharesat $40.51 each, a 20% premium over its closing price on Monday. Pulte shares dived 4.28, or 9%, to 42.50. Del Webb jumped 4.60, or 14%, to 38.40.
Reliant Resources romps in IPO
Shares of the power generating unit of Reliant Energy rose 3, or 10%, to 33,as investors snap up energy initial public offerings in an otherwise dormant new-issue market. It raised $1.56 billion. Surging electricity demand and high energy prices helped Reliant Resources sell 52 million shares at $30 each, at the top of the final price range. The share price was set at $14 to $19 in December. Reliant Energy still owns 80%.
UtiliCorp 1st-qtr profit rises 17%
Utilicorp United earned 69 cents a share vs. 59 cents a year ago. It beat views by a cent. The gas and electric firm said sales surged 160% to $11.98 billion. Profit also got a boost from its Aquila unit, which went public in April. The energy wholesaler said Monday it earned 57 cents in the first quarter, up 338%.
Dow Chemical to cut 4,500 jobs
- Reliant Resources to Acquire Orion Power in $2.9 Billion Transaction.
- Press release article from: PR Newswire September 27, 2001 700+ words
Transaction Enhances Reliant Resources' Position as Leading Provider...Sept. 27 /PRNewswire/ -- Reliant Resources, Inc. (NYSE: RRI) and...merger agreement, under which Reliant Resources will acquire all of the outstanding...
- Reliant Resources' Credit Rating Tumbles to Junk-Bond Status.
- Newspaper article from: Knight Ridder/Tribune Business News August 1, 2002 700+ words
...Investors Service, citing concerns about Reliant Resources' cash flow, cut its credit rating...to it, to cover its obligations. Reliant Resources is the latest among companies involved...collateral. Moody's said it downgraded Reliant Resources because "cash flow from operations...
- Two Energy Traders at Reliant Resources Quit in Wake of Disclosures.
- News wire article from: Houston Chronicle (Houston, TX) May 17, 2002 700+ words
...Byline: Michael Davis May 17--Reliant Resources' two top trading executives resigned...company said. Also on Thursday, Reliant Resources added another element of uncertainty...company said in a written statement. Reliant Resources shares have lost more than 50 percent...
- Reliant Resources Says Enron Situation Manageable and Presents Opportunities.
- Press release article from: PR Newswire November 29, 2001 700+ words
HOUSTON -- Reliant Resources, Inc. today announced that it is...a period of weeks, the market and Reliant Resources have had opportunities to prepare for such an event. Reliant Resources' current exposure to Enron is approximately...
- Top Accountant at Houston-Based Reliant Resources Exits Post of Three Years.
- Newspaper article from: Knight Ridder/Tribune Business News August 10, 2002 700+ words
...accounting officer of Houston-based Reliant Resources will resign effective Aug. 16...receive severance pay. In February, Reliant Resources said it discovered an accounting...SEC are also investigating certain Reliant Resources trades known as round-trip transactions...
- Reliant Resources/Orion Power Merger Clears Two Regulatory Hurdles.
- Press release article from: PR Newswire December 26, 2001 700+ words
...HOUSTON and BALTIMORE -- Reliant Resources, Inc. and Orion Power Holdings...required for the consummation of Reliant Resources' pending merger with Orion...approximately $2.9 billion. Reliant Resources and Orion Power have made...
- Reliant Resources Admits Inflating Volumes.
- News wire article from: Houston Chronicle (Houston, TX) May 14, 2002 700+ words
...Byline: Michael Davis May 14--Reliant Resources confirmed Monday that it has used...is unclear, but Steve Letbetter, Reliant Resources chief executive, said in a conference...scrambling to sell their shares of Reliant Resources as well as those of Reliant Energy...
- Reliant Resources IPO Price Set at $30 Per Share.
- Press release article from: PR Newswire May 1, 2001 700+ words
...HOUSTON, May 1 /PRNewswire/ -- Reliant Resources, Inc. (NYSE: RRI), a subsidiary...represent approximately 17.8 percent of Reliant Resources' outstanding common stock following...approximately $1.7 billion to Reliant Resources. After the offering, Reliant Energy...
- Reliant Resources, Inc. General Counsel Hugh Rice Kelly to Retire.
- Press release article from: PR Newswire April 25, 2003 700+ words
Reliant Resources, Inc. today announced that Hugh...amp; Power Company, formerly a Reliant Resources affiliate, as senior vice president...has held his present position at Reliant Resources since the company was formed from...
- Reliant Resources Announces Resignation of Steve Letbetter as Chairman And CEO;...
- Press release article from: PR Newswire April 14, 2003 700+ words
Reliant Resources, Inc. today announced that Steve...s service to the company: "Reliant Resources is grateful to Steve for all his...company's evolution." "Building Reliant Resources has been an outstanding opportunity...