Entergy Cancels Spinoff, Shares Fall

Entergy announces that it will record a potential charge of about 40 cents to 45 cents a share in connection with its decision to unwind its proposal to spin off its Enexus Energy nuclear generation unit.
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NEW YORK (TheStreet) -- Entergy (ETR) - Get Report said it will take a potential charge of 40 cents to 45 cents a share in connection with its decision to unwind its proposal to spin off its Enexus Energy nuclear generation unit.

"Entergy made the decision to unwind the internal organizations created for Enexus Energy Corporation and EquaGen LLC to eliminate dis-synergies related to the spinoff and redirect its efforts into other strategies as soon as possible in 2010," the company said in a statement.

Concurrent with the announcement, Entergy on Monday said it raised its quarterly dividend to 83 cents a share from 75 cents, the first increase in its quarterly common stock dividend since July 2007. The company also authorized a new $750 million share repurchase program.

Share of Entergy have fallen in Monday trading by 1.7% to $80.92.

-- Reported by Andrea Tse from New York

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