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FPL Group Accrues $30 Mil in Costs from Failed Entergy Merger

JUNO BEACH, FL-The parent of Florida Power & Light still expects to meet a first-quarter market forecast of 76 cents per share. Juno Beach is 77 miles north of Miami.

By David R. Corder | Updated on April 10, 2001

JUNO BEACH, FL-The failed merger with Entergy Corp. cost locally based FPL Group about $30 million in expenses. Excluding those expenses, however, the parent of Florida Power & Light announced Tuesday it still expects to meet a first-quarter market forecast of 76 cents per share.

Earlier this month, FPL and New Orleans-based Entergy publicly abandoned plans announced last July to create what would have become one of the largest U.S. producers of electricity. Neither company gave specific reasons why the proposal failed, but the two companies disclosed in prior shareholder reports the talks hit an obstacle over governance structure and value-related issues.

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