SEI buys majority of SWEB

Southern Electric International announced today that, following the recommended revised cash offer made for South Western Electricity plc on Aug. 31, Southern Electric has received shares and acceptances totaling 54.1 percent of South Western’s issued share capital.

“We’re very pleased to have obtained new acceptances, which indicate significant progress is being made toward the successful conclusion of our bid, ” said Southern Electric International President Tom Boren.

On Sept. 14, valid acceptances had been received for at least 26,948,824 shares, representing not less than 24.2 percent of South Western’s issued share capital. These shares are in addition to the approximately 29.9 percent of South Western’s issued share capital already held by Southern Electric.

Southern Electric International, a unit of The Southern Company of Atlanta, Ga., develops, builds, owns, and operates power production facilities and provides a broad range of technical services to industrial companies and utilities in the U.S. and international markets.

The Southern Company (NYSE: SO) is also the parent firm of five electric utilities: Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Savannah Electric. Other subsidiaries include Southern Nuclear, Southern Development and Investment Group, and Southern Company Services. Together, these companies make up one of the largest electric utility groups in the United States.


NOTE: Southern Electric International’s offer is not being made, directly or indirectly, in or into, or by use of the mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, or telephone) of interstate or foreign commerce of, or through any facility of a national securities exchange in, the United States, and the offer cannot be accepted by any such use, means, instrumentality or through any such facility or from within the United States, Canada, or Australia.