Exhibit 99.1
[GRAPHIC OMITTED][GRAPHIC OMITTED] One Ameren Plaza
1901 Chouteau Avenue
St. Louis, MO 63103
Contact:
Media Analysts Investors
Susan Gallagher Bruce Steinke Investor Services
(314) 554-2175 (314) 554-2574 invest@ameren.com
sgallagher@ameren.com bsteinke@ameren.com
FOR IMMEDIATE RELEASE
AMEREN ENTERS INTO EXCLUSIVE NEGOTIATIONS
FOR THE ACQUISITION OF ILLINOIS POWER FROM DYNEGY INC.
St. Louis, Mo., Dec. 5, 2003---Ameren Corporation (NYSE: AEE) today
announced that the company is in exclusive discussions with Dynegy Inc. (NYSE:
DYN) on the possible acquisition by Ameren of Decatur, Il.-based Illinois Power
Company. There can be no assurance that these discussions will lead to an
agreement or that any such agreement would be completed.
Illinois Power is an electric and natural gas distribution and transmission
utility serving 590,000 electric and 415,000 gas customers in areas contiguous
to Ameren's existing Illinois utility service territories. Ameren, through its
subsidiaries, AmerenCILCO, AmerenCIPS and AmerenUE, currently serves more than
970,000 electric and gas customers in Illinois and has approximately 3,200
employees in Illinois. Ameren has a track record of providing high-quality,
reliable electric and natural gas services in Illinois, and if a transaction is
consummated, would commit to bringing this same level of performance to the
customers and communities served by Illinois Power. In addition, and consistent
with its past acquisitions of AmerenCILCO and AmerenCIPS, Ameren would maintain
Illinois Power's headquarters in Decatur, Ill., honor all existing labor
agreements and bring long-term value to all stakeholders. Further, Ameren would
not propose any special legislation to complete this acquisition.
Any transaction between the parties would be subject to satisfactory
completion of Ameren's due diligence, negotiation of final terms and structure,
negotiation and execution of definitive agreements, receipt of approvals from
the boards of directors of both companies and required regulatory approvals, in
addition to other conditions.
Ameren does not anticipate making any further announcements until a
definitive agreement is reached or the discussions are terminated.
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With assets of $13.5 billion, Ameren owns a diverse mix of electric
generating plants strategically located in its Midwest market with a capacity of
more than 14,500 megawatts. Ameren serves 1.7 million electric customers and
500,000 natural gas customers in a 49,000 square-mile area of Missouri and
Illinois.
Forward-Looking Statements
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Statements made in this release, which are not based on historical facts,
are "forward-looking" and, accordingly, involve risks and uncertainties that
could cause actual results to differ materially from those discussed. Although
such "forward-looking" statements have been made in good faith and are based on
reasonable assumptions, there is no assurance that the expected results will be
achieved. These statements include (without limitation) statements as to future
expectations, beliefs, plans, strategies, objectives, events, conditions, and
financial performance. In connection with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, the company is providing this
cautionary statement to identify important factors that could cause actual
results to differ materially from those anticipated. The following factors, in
addition to those discussed elsewhere in this release and in past and subsequent
securities filings, could cause actual results to differ materially from
management expectations as suggested by such "forward-looking" statements:
o the satisfactory completion of Ameren's due diligence;
o the parties ability to negotiate final terms and structure and to negotiate
and execute definitive transaction agreements;
o the receipt of board of directors and required regulatory approvals; and
o the satisfaction of other conditions precedent to the consummation of any
such transaction.
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