Akron, Ohio-Based FirstEnergy to Buy New Jersey-Based GPU Inc.(Knight Ridder/Tribune Business News)

From: Knight Ridder/Tribune Business News | Date: August 8, 2000| Author: | Copyright information

Aug. 9--Akron will become home to the nation's sixth largest utility.

After two days of official no-comments, FirstEnergy Corp. announced yesterday it will buy New Jersey-based GPU Inc. for $11.9 billion in cash, stock and debt in a move Wall Street largely favors.

The deal, which will take a year to complete, also keeps FirstEnergy here, in a city rebounding from the departure of its largest industries, rubber and tires.

The merger -- provided shareholders and regulators give it the thumbs up -- also better positions FirstEnergy for competition in an industry ...

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