Summary
Sempra Energy (SRE) has filed an 8-K report indicating a modification to the closing timeline of its commodities-marketing business sale to a joint venture with The Royal Bank of Scotland. The transaction is now anticipated to conclude by the end of the first quarter of 2008, contingent on the receipt of one outstanding regulatory approval. This revised timeline has a direct impact on Sempra's previously announced $1 billion share repurchase program.
Key Highlights
- 1The sale of Sempra's commodities-marketing business to a joint venture with The Royal Bank of Scotland is now expected to close by the end of Q1 2008.
- 2The closing is dependent on receiving one final regulatory approval.
- 3The previously announced $1 billion share repurchase program, funded by the proceeds of this sale, has been suspended.
- 4The original start date for the share repurchase program was February 7, 2008.
- 5The agreement with Merrill Lynch International for the Collared Accelerated Share Acquisition Program has been terminated.
- 6Sempra expects to recommence the share purchase program after the joint venture transaction closes.