I think they would give you a gas card.

>  -----Original Message-----
> From: 	Cooper, Sean
> Sent:	Monday, October 29, 2001 8:49 AM
> To:	EPME Trading & Operations
> Subject:	FW: Enron Said To Be Takeover Target, Shell Tipped As
> Possible Bidder
>
>
>
>  -----Original Message-----
> From: 	Sawyer, Kyle
> Sent:	Monday, October 29, 2001 7:43 AM
> Subject:	Enron Said To Be Takeover Target, Shell Tipped As Possible
> Bidder
>
> Enron Said To Be Takeover Target, Shell Tipped As Possible Bidder
> Oct. 28 (Power Finance & Risk)
> Enron, which 12 months ago was the darling of the energy markets, has
> become increasingly vulnerable to a takeover bid following the recent
> collapse of its share price, according to bankers and analysts. Royal
> Dutch/Shell is one likely bidder, they say, noting that Enron's relatively
> modest market capitalization--down to $11.5 billion late last week from a
> high of more than $55 billion--means that Shell and other potential
> acquirers would have little trouble digesting it whole. Cerris Tavinor, a
> spokeswoman for Shell, declined to comment. Calls to Enron were not
> returned.
> An M&A banker in London says the Anglo-Dutch oil giant was rumored to have
> approached Enron unsuccessfully in August. An analyst in New York adds
> Shell has courted Enron for more than three years. "[Shell]'s downstream
> power business InterGen has not been as successful as it and its partner
> Bechtel hoped, especially in the U.S., and this would be a great fit," he
> continues.
> While many energy concerns would love to get their hands on Enron's hugely
> successful gas and electricity trading business, its forays into water,
> broadband and pulp and paper, might prove less attractive. Bidders may
> want to cherry pick the best parts of the business, reasons Peter Fusaro,
> president of Global Change Associates in New York. Still, he says "there
> is a distinct possibility that it could be bought outright."
> Another obstacle to any sale is believed to be CEO Kenneth Lay's
> unwillingness to sell the company at such a low stock price. Still, Lay
> has already given up the executive reins once, and at 61, he would
> probably be willing to sell if the premium was significantly rich, argues
> one New York based banker. Another adds that Lay will probably wait for
> the share price to recover before he would even consider talking to
> bidders.
> Bankers argue that potential bidders would be unwilling to ride roughshod
> over Lay's wishes through a hostile bid as most of Enron's value is tied
> up in intellectual capital. Hostile bidders run the risk that senior staff
> will jump ship, argues a London banker.
> Another obstacle to any bid is concern that Enron may have additional
> skeletons in its financial closet. Last week's stock market selloff was
> prompted by Enron unexpectedly writing off some $1.2 billion in equity
> resulting from the termination of contracts with a special purpose vehicle
> linked to Peter Fastow, cfo. Analysts fear that Enron may have to
> terminate similar contracts over the next quarters.
>


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