The United States Enrichment Corp. (USEC), the world's largest producer of uranium enrichment services, has submitted its privatization plan to President Clinton and Congress. The plan, mandated by the Energy Policy Act of 1992, suggests that USEC be sold to the private sector early in 1996 under a dual approach that simultaneously pursues a public offering of common stock and a negotiated merger or acquisition by a third party. In 1995, the plans calls for USEC to 1) initiate the procurement process for investment banks in July, 2) select investment managers in August, 3) identify merger and acquisition candidates by October, and 4) file initial material with the Securities and Exchange Commission by December. USEC supplies almost 90 percent of the domestic enrichment market, and 40 percent of the world's. The sale is expected to yield between $1.5 and $1.8 billion. t
Lori A. Burkhart is an associate legal editor of PUBLIC UTILITIES FORTNIGHTLY.
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