Delays Call Entergy-ITC Merger Into Question
JACKSON, Miss. (AP) — Almost a month after Entergy Corp. and ITC Holdings Corp. withdrew their merger application in Texas, they haven't refiled. Since then, Louisiana, Arkansas and Mississippi have delayed consideration of the merger.
Observers say the delays almost certainly mean the companies won't complete the merger by year's end as originally scheduled, and call into question whether it will be completed at all.
The companies say they're still assessing their options.
In December 2011, New Orleans-based Entergy said it would transfer its high-voltage lines to ITC of Novi, Mich. That company would issue Entergy shareholders enough stock to give them a majority of ITC shares worth more than $2 billion, and ITC would also assume $1.78 billion in debt. Entergy and ITC won Federal Energy Regulatory Commission approval in June.
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