Sithe Engages Goldman Sachs to Advise in Sale Process

Sithe Energies, Inc., a privately held leading global competitive power company, announced that it has engaged the investment banking firm of Goldman, Sachs & Co. (NYSE: GS) to advise Sithe with respect to its announced intention to seek a buyer for the Company. At its meeting in Paris on October 1, 1999, Sithe's board of directors, which includes representatives of Vivendi and Marubeni Corporation, Sithe's largest shareholders, appointed William Kriegel, chairman and chief executive officer of Sithe, to initiate and manage the sale process. The Company stated that it does not plan to make further announcements regarding this matter until a definitive agreement is reached. Sithe Energies, Inc., founded in 1984 and headquartered in New York, develops, owns and operates power plants worldwide. When its recent acquisition of GPU's assets is completed, Sithe will own 51 power plants in the United States and Canada, including 40 in the Northeast. Sithe also has an extensive global portfolio of projects in operation, under construction or under active development. In total, Sithe, including its domestic projects and the GPU acquisition, will own more than 28,000 gross megawatts of electric capacity when its planned development and expansion projects are completed. The Company is 60 percent owned by Vivendi (F. VVN), one of the world's leading utilities and environmental services companies, and 30 percent owned by Marubeni Corporation, a major Japanese trading company. Management owns the remaining 10 percent. ots Original Text Service: Sithe Energies, Inc. Internet: Contact: Judith Wilkinson or Josh Silverman of Abernathy MacGregor Frank (USA) 212-371-5999, for Sithe Energies

Klíčová slova PROTEXT-Sithe Energies, Inc.

USA, Kanada, OSN, svět a Arktida (us)

Energetika, suroviny

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