Iberdrola’s proposed acquisition of Energy East Corporation may witness a delay in its close, source says

Iberdrola’s proposed acquisition of Energy East Corporation may witness a delay in its close due to the on-going administrative litigation proceedings between the Department of Public Service Staff and the buyer, a source familiar with the situation told dealReporter. The staff is part of the New York State Public Service Commission [PSC].

A person close to Iberdrola, however, maintains the company is confident that it will be able to close the deal as targeted in the merger agreement. According to the merger document, the transaction is expected to close in 2Q 2008. ”I think speculating on a delay is really premature when we are right at the beginning of the process. What is happening now was envisioned and factored in the timetable to close the deal,” he added.

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