HOUSTON (AP) — Dynegy said Monday that the Federal Energy Regulatory Commission approved plans for its subsidiary, Illinois Power Holdings, to acquire Ameren Energy Resources.
The Houston-based utility operator now needs the authorization of only one more regulatory body, the Illinois Pollution Control Board, to complete the deal. The IPC is expected to make its decision by Nov. 21.
Dynegy said that the acquisition of Ameren Energy provides the best future for Ameren's five plants, its employees and surrounding communities. Both companies expect the deal will close before the end of the year.
Dynegy first said it would buy Ameren in March as a means of expanding its footprint in Illinois. The company's first application to the IPC for approval needed to close the deal was denied in June, but Dynegy said it remains confident it will get the authorization necessary to move forward with the deal.
Shares of Dynegy slipped 21 cents to close Monday trading at $19.67 amid a broader market uptick. Shares of Ameren Corp., parent company to Ameren Energy Resources, fell a penny to $35.53.