CLP, China Southern Power Grid In Talks For Exxon Mobil's 60% Stake In Castle Peak Power

Power supplier CLP Holdings Ltd. (CLPHY) said Thursday it is in talks with China Southern Power Grid Co. to acquire a 60% stake in Castle Peak Power Co., a Hong Kong power joint venture partly owned by Exxon Mobil Corp. (XOM) unit ExxonMobil Energy Ltd.

Castle Peak Power owns three power stations in Hong Kong with a total generation capacity of 6,908 megawatts and is now 40% held by CLP Power Hong Kong, a wholly owned unit of CLP Holdings, and 60% owned by ExxonMobil Energy.

CLP has been in talks with Exxon Mobil about the takeover of Castle Peak Power for some time but it hasn't commented on how much the acquisition could be worth.

CLP supplies power to Kowloon and the New Territories in Hong Kong, and Guangdong province in China. It also has power plants and energy assets in Australia, Taiwan, India, and Thailand.

-By Chester Yung, Dow Jones Newswires; 852-2832 2331; chester.yung@dowjones.com

CLP (PK) (USOTC:CLPHY)
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