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Stock Market & Financial Investment News

News Breaks
June 20, 2014
14:05 EDTCNL, CNPCenterPoint Energy exploring bid for Cleco, DJ says
CenterPoint Energy (CNP) is exploring a bid for Cleco (CNL), according to Dow Jones, citing sources. Note that The Street previously reported, citing sources, that Cleco retained Goldman Sachs (GS) to advise on a sale after receiving buyer interest.
News For CNL;CNP From The Last 14 Days
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July 27, 2015
16:37 EDTCNLCleco reports Q2 EPS 53c, consensus 51c
"We continue to feel the financial impact in 2015 as a result of the lower rates associated with our July 2014 formula rate plan extension and the loss of a wholesale customer late last year," said Bruce Williamson, chairman, president and CEO of Cleco Corporation. "We are maintaining our operational focus as we enter the second half of the year and continue our efforts to complete our strategic transaction to deliver exceptional value to our public shareholders during the fourth quarter."
July 20, 2015
15:14 EDTCNLCleco gets FERC approval for transaction with investor group
Cleco Corporation announced that the Federal Energy Regulatory Commission, FERC, approved the proposed acquisition of Cleco Corporation by a North American Investor Group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation together with John Hancock Financial and other infrastructure investors. The companies announced their proposed transaction on Oct. 20, 2014. "We are pleased to receive the necessary approvals from the Federal Energy Regulatory Commission, which moves us one step closer to completing this strategic transaction for the benefit of all our stakeholders," said Bruce Williamson, chairman, president and CEO of Cleco Corporation. "We remain focused on the task of working through the remaining required approval and expect the transaction to close in the fourth quarter." Cleco has been successful in gaining other approvals prior to receiving FERC consent. Cleco obtained an overwhelming affirmative vote from its shareholders in February on transaction-related proposals, and the transaction has received clearance from the Committee on Foreign Investment in the United States. In addition, the Federal Communication Commission has consented to Cleco's request to transfer certain licenses to Cleco Power. The FCC's consent is expected to become final on July 27. The waiting period under the Hart-Scott-Rodino Antitrust Improvement Act has expired. Cleco continues to work with the Louisiana Public Service Commission regarding its approval of the transaction.

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