- Companies say state's rejection should be reheard and reversed
- Louisiana found the deal wasn't in customers' best interests
Cleco Corp. and its Macquarie Group Ltd.-led group of would-be buyers have asked Louisiana’s utility commission to reconsider a $3.4 billion takeover plan that it rejected last month.
The companies requested that the state Public Service Commission take up the deal at a March 16 meeting so they can fully present the potential benefits to customers and “correct a number of inaccurate claims made” before the panel denied them approval on Feb. 24, they said Tuesday in a statement.
Cleco and its buyers have spent over a year working to gain regulatory approvals for the takeover. The utility commissioners questioned the companies, opponents of the deal and members of their own staff for more than six hours before deciding the transaction wasn’t in the best interest of customers.
“The Commission’s determination that the transaction would not be in the public interest was wrongly decided and should be reheard and reversed,” the companies said in their request, dated Tuesday.