Deliver Your News to the World

Fortis Announces Closing of Transaction with Cinergy Marketing and Trading and Cinergy Canada


Brussels, Utrecht, Houston, 2 October 2006 - Fortis (Euronext Amsterdam: FORA / Brussels: FORB) announced today that it has completed its acquisition from Duke Energy (NYSE: DUK) (“Duke”) of Cinergy Marketing & Trading, LP, a Delaware limited partnership, and Cinergy Canada, Inc, an Alberta corporation, both fully owned subsidiaries of Duke, together referred to as CMT. CMT is a Houston, Texas based marketing and trading platform operating in all key North American markets. The new trading entities will be known as Fortis Energy Marketing & Trading, GP in the U.S. and FB Energy Canada Corp. in Canada. The purchase price is approximately EUR 325 million (USD 410 million) which includes the base purchase price and the value of the current trading portfolio. The total cash proceeds to Duke include also amounts accounting for CMT’s estimated Net Working Capital at time of close.
“We believe that Fortis Energy Marketing & Trading is now unique in its ability to provide a full service marketing and trading offering across North America and a full-range of banking solutions, all backed by Fortis’ strong AA- credit rating” said Filip Dierckx, CEO of Fortis Merchant Banking.
“Today’s acquisition of CMT underscores Fortis’ commitment to developing our North American presence and demonstrates our dedication to our customers,” said Waldo Abbot, CEO of Fortis Americas. “We look forward to playing an active role in the Houston and Calgary communities as Fortis does in all of the local communities in which we live and work.”
The North American energy marketing and trading businesses will be co-headed by Jim Fallon and David Jones. Fallon was previously President of CMT and Jones was US Head of Energy Trading at Fortis.
About Fortis Merchant Banking:
Merchant Banking is Fortis’ internationally operated wholesale bank with over 4,600 professionals. Merchant Banking offers a comprehensive range of financial products and services for the needs of Corporate clients and Institutional Investors. In North America, Merchant Banking is active in global markets and banking activities, and builds on its longstanding expertise in sectors such as commodities, oil & gas, intermodal and shipping. It has offices in New York, Stamford, Jersey City, Denver, San Francisco, Chicago, Dallas and Calgary. More information is available on
About Fortis
Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners.
With a market capitalisation of EUR 41,6 billion (29/09/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 58,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on
About Duke
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More
information about the company is available on the Internet at


This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.