Proposed merger of Energy East, Iberdola clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Aug. 19 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino antitrust review period in the proposed merger of Energy East Corp. and Iberdola, SA, according to a government release.

More than one year ago it was reported that Iberdrola agreed to acquire Energy East in a transaction valued at $8.6 billion, or $28.50 per share.

The transaction had been slated to close in the first half of 2008.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

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