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No. 362, November 1999

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Japanese Companies in the US


ENERGY RESOURCES

One of the largest independent power producers in the world, which doubles as a major U.S. electricity wholesaler, is for sale. Closely held SITHE ENERGIES INC. hired GOLDMAN, SACHS & CO. to find a buyer after first majority owner (60 percent) VIVENDI of France and then minority owner (30 percent) MARUBENI CORP. indicated that they wanted out. Neither investor gave a reason for its decision. Trader Marubeni paid $250 million for its stake in March 1996 and committed money to finance the construction or the purchase of electricity-generating plants. New York City Sithe has more than 28,000 megawatts of capacity in operation, under construction or in active development in the United States and elsewhere.

An exchange rate of ¥106=$1.00 was used in this report. aaaaa

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