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Constellation Energy (CEG)
FPL Group, Inc. (FPL)
Stock Merger
Summary
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 Stock
exchange: $28b total
Announced
12.19.05
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Deal Terminated
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Terminated
over Maryland regulatory approvals
Follows
termination of Exelon - PSE&G merger
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Advisors
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Financial
- CEG: Morgan Stanley / Goldman Sachs
- FPL: Merrill Lynch / Lehman Brothers
Legal
- CEG: Kirkland & Ellis
- FPL: Cravath / Skadden Arps
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Merger Agreement
 General
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Article I The Merger
- 1.01 The Merger
- 1.02 Closing
- 1.03 Effective Time
of the Merger
- 1.04 Effects
of the Merger
- 1.05 Articles
of Incorporation and By-laws
- 1.06 Board
of Directors; Officers
- 1.07 Post-merger Operations
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Article II Effect of the Merger on the Capital Stock of the
Constituent Corporations; Exchange of
Certificates
- 2.01 Effect
on Capital Stock
- 2.02 Exchange
of Certificates
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Article III Reps
- 3.01 Constellation
and Merger Sub
- (a) Organization and Qualification
- (b) Capital Stock
- (c) Authority
- (d) No Conflicts; Approvals and Consents
- (e) SEC Reports, Financial Statements and Utility
Reports
- (f) Absence of Certain Changes or Events
- (g) Absence of Undisclosed Liabilities
- (h) Legal Proceedings
- (i) Information Supplied
- (j) Permits; Compliance with Laws and Orders
- (k) Taxes
- (l) Employee Benefit Plans; ERISA
- (m) Labor and Employee Matters
- (n) Environmental Matters
- (o) Operations of Nuclear Power Plants
- (p) Insurance
- (q) Trading
- (r) Vote Required
- (s) Ownership of FPL Group Capital Stock
- (t) State Anti-Takeover Statutes
- (u) Joint Venture Representations
- (v) Opinion of Financial Advisor
- (w) Brokers
- (a) Organization and Qualification
- (b) Capital Stock
- (c) Authority
- (d) No Conflicts; Approvals and Consents
- (e) SEC Reports, Financial Statements and Utility
Reports
- (f) Absence of Certain Changes or Events
- (g) Absence of Undisclosed Liabilities
- (h) Legal Proceedings
- (i) Information Supplied
- (j) Permits; Compliance with Laws and Orders
- (k) Taxes
- (l) Employee Benefit Plans; ERISA
- (m) Labor and Employee
Matters
- (n) Environmental Matters
- (o) Operations of Nuclear
Power Plants
- (p) Insurance
- (q) Trading
- (r) Vote Required
- (s) Ownership of
Constellation Capital Stock
- (t) State Anti-Takeover
Statutes
- (u) Joint Venture
Representations
- (v) Opinion of Financial
Advisor
- (w) Brokers
- (x) Rights Agreement
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Article IV Covenants
- 4.01 Covenants
of Constellation
- 4.02 Covenants
of
FPL Group
- 4.03 No Solicitation
by Constellation
- 4.04 No Solicitation
by
FPL Group
- 4.05 Other Actions
- 4.06 Coordination
of Dividends
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Article V Additional Agreements
SEC_CODE_REF_0090001192884
- 5.01 Preparation
of the Form S-4 and the Joint Proxy
Statement; Shareholders/stockholders Meetings
- 5.02 Letters
of
FPL Groups Accountants
- 5.03 Letters
of Constellations Accountants
- 5.04 Access
to Information; Confidentiality; Effect of
Review
- 5.05 Regulatory Matters; Reasonable Best Efforts
- 5.06 FPL Group Employee Stock Options,
FPL Group
Restricted Stock,
FPL Group other Equity-based
Awards, and
FPL Group Stock Plans
- 5.07 Constellation Employee Stock Options,
Constellation
Restricted Stock and Constellation Performance Units
- 5.08 Employee Matters
- 5.09 Indemnification, Exculpation
and Insurance
- 5.10 Fees
and Expenses
- 5.11 Public Announcements
- 5.12 Affiliates
- 5.13 NYSE Listing
- 5.14 Shareholder Litigation
- 5.15 Tax Treatment
- 5.16 Transfer Taxes
- 5.17 Standstill Agreements; Confidentiality
Agreements
- 5.18 Stock Split
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Article VI Conditions Precedent
- 6.01 Each
Party
- 6.02 Constellation
and Merger Sub
- 6.03 FPL Group
- 6.04 Frustration
of Closing Conditions
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Article VII Termination, Amendment and Waiver
- 7.01 Termination
- 7.02 Effect
of Termination
- 7.03 Amendment
- 7.04 Extension; Waiver
- 7.05 Procedure
for Termination, Amendment, Extension or
Waiver
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Article VIII General Provisions
- 8.01 Nonsurvival
of Representations and Warranties
- 8.02 Notices
- 8.03 Definitions
- 8.04 Interpretation
- 8.05 Counterparts
- 8.06 Entire Agreement; No Third-party
Beneficiaries
- 8.07 Governing Law
- 8.08 Assignment
- 8.09 Enforcement
- 8.10 Severability
- 8.11 Waiver
of Jury Trial
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Proxy Solicitation
Deal Protection
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No
shop covenant
Break-up
fee
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Regulatory Approvals
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HSR
Act
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Fairness Opinion
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Morgan Stanley / Goldman Sachs Constellation
Merrill Lynch FPL
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Tax Matters
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Disclosure
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Related Topics
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