Here is what UBS posted on their internal web site on Fri...

My friend who works in UBS Warburg in NY, used to be at Paine Webber and went through the same acquisition process last year as we are now. He said that in their case, UBS ended up raising everyone's salaries to the level of all other UBS employees, and promoted a lot more people than PW would have.

:)

 

-----Original Message-----
From: Solares, Jorge+ [mailto:jorge.solares@ubsw.com]
Sent: Monday, January 14, 2002 10:02 AM
To: Pehlivanova, Biliana
Subject: RE: 


UBS WARBURG SELECTED AS SUCCESSFUL BIDDER FOR ENRON'S NORTH AMERICAN ELECTRICITY AND NATURAL GAS TRADING OPERATIONS 

New York, January 11, 2002 - UBS Warburg announced today that it has been selected by Enron and approved by its
Creditors Committee as the successful bidder for Enron's North American wholesale electricity and natural gas trading
business.  The transaction is subject to Bankruptcy Court approval.

"UBS Warburg is excited by the prospect of reestablishing this technology-based trading business," said John P. Costas,
chief executive officer of UBS Warburg.  "It will be a valuable extension of our worldwide trading activities, which are
noted for providing market leadership and superb client service."

Terms of the proposed transaction call for Enron to retain a residual interest in the income of the business.   UBS
Warburg will assume none of Enron's past, current or future liabilities or trading positions.

UBS Warburg is the investment banking group of UBS AG (NYSE: UBS), one of the largest financial services firms in the
world with 71,000 employees in more than 40 countries.  UBS Warburg is a leader in equities, corporate finance, M&A
advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk
management. 

-----Original Message-----
From: Pehlivanova, Biliana [mailto:biliana.pehlivanova@ENRON.com]
Sent: Monday, January 14, 2002 11:02 AM
To: Solares, Jorge+
Subject: 




Hey :)



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