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When NRG recently filed a "no thanks" letter in response to Exelon's repeated overtures, the Wall Street Journal couldn't help but snicker at the fact that it wasn't a one pager reading simply: "take your $6.1 billion and shove it." While we admit that the letter was a bit wordy, it is not the length that concerns us.
When you read the novella alongside an internal memo penned by NRG President and CEO (no doubt designed to buck up the troops), well, we just don't know that it paints the most flattering picture of the leadership of a company that has access to significant stocks of uranium. Add in a few choice phrases like "It is all of you who put the 'we' into 'Team.'" (No, it is in there alright, go look it up). Or, "NRG is the best-positioned, highest-growth, most well-diversified and best-hedged company in the sector" (would you really brag about this?) and there is more cause for concern. But, then, just when we were ready to call it a day, we'd come across a left-handed compliment worthy of the House of Commons: "Please be assured that our Board's decision is not an indication of disrespect for you or your company. Exelon undoubtedly is one of the top utility holding companies in the country." What can we say? It grows on you.
NRG Picks the Single Life [The Wall Street Journal]
2008 1109 dc ee letter-exc response FINAL.PDF