This morning, we announced an offer to acquire London-based MG plc, one of 
the world,s leading metals marketers, for $446 million.  We have been 
monitoring the global metals market for several years, and we believe that 
now is the right time to enter this $120 billion market.  We are confident 
that our successful business model, which we have proven in the natural gas 
and electricity markets, gives us a tremendous advantage in a market that is 
undergoing fundamental change.

Our offer to acquire MG plc has been unanimously recommended by MG plc,s 
board of directors, and we expect to close the transaction by early third 
quarter of this year, following shareholder and customary regulatory 
approvals.

MG plc is a leading independent company in global non-ferrous metals trading 
and marketing and the only such company that is publicly traded.  
Headquartered in London with major offices in New York and Frankfurt, MG plc 
has 330 employees in 14 countries.  It is the world,s leading copper 
merchant, one of the top three merchants of copper concentrates and nickel, 
and a leading European merchant of recycled metal.  Other products that MG 
plc markets include aluminum, lead, tin, zinc, brass and stainless steel.

This transaction provides Enron with access to new customers and enables 
cross-marketing opportunities.  We plan to sell Enron energy products to MG 
plc customers and offer bundled products combining metals and power 
outsourcing.  Enron will help producers and consumers manage the risks 
inherent in volatile raw materials and energy markets, and we will improve 
commodity prices for both buyers and sellers.

MG plc,s existing market-making capabilities and market knowledge provide an 
immediate platform upon which to overlay Enron,s proven ability to offer 
innovative e-commerce-enabled services to commodity-based industries.  Our 
new metals business will be integrated into our wholesale business by Enron 
Europe CEO John Sherriff, who will work closely with Enron Net Works CEO Greg 
Whalley.