Constellation Still Raising Cash (CEG, GS)
January 20, 2009 by Douglas A. McIntyre
Constellation Energy Group Inc. (NYSE:CEG) continues to shed assets. This time it’s the company’s London-based international commodities trading operations, which Constellation will sell to a division of Goldman Sachs Group Inc. (NYSE:GS). The company did not disclose the terms of the sale.
The announcement of the sale also noted that Constellation is trying tosell its Houston-based natural gas trading operation. The company’sgoal, according to its chairman, president, and CEO, is to "de-risk"Constellation’s trading business by reducing capital requirements forcollateral.
Constellation has sold 49.99% of its nuclear business to Electricite deFrance in a deal that could be worth up to $6.5 billion. Today’sannouncement won’t bump that up much, but to Constellation, every pennyhelps.
Paul Ausick
January 20, 2009
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