The administrative law judge's draft decision approving the application conditionally was issued on Nov. 14. At Dec. 18 meeting, CPUC may act on the draft decision or postpone action. When CPUC acts on the draft decision, it may adopt all or part of it as is, modify it or put it aside and prepare its own decision.

The Lennar/LNR entity's acquisition of Newhall Land is subject to CPUC's approval of the pending application, in addition to other closing conditions. The merger will be completed within seven business days after the day when all the merger conditions have been met or waived. The company expects the merger to close substantially earlier than the originally planned mid-2004.

LNR Property Corp. is a national, diversified real estate investment, finance and management company. Lennar Corp. is a national homebuilder established in 1954. Newhall Land is a premier community planner in north Los Angeles County.