Southern Company Completes Spin-Off of Mirant Corporation

Apr 03, 2001, 01:00 ET from Southern Company

    ATLANTA, April 3 /PRNewswire/ -- Southern Company (NYSE:   SO) today
 announced it has completed the spin-off of Mirant Corporation (NYSE:   MIR)
 through the distribution of all of its 272 million shares of Mirant common
 stock.
     After the close of the market yesterday, April 2, Southern Company
 stockholders were issued 0.397614 shares of Mirant common stock for each share
 of Southern Company owned on the March 21, 2001, record date.  Cash will be
 issued in lieu of fractional shares.
     As a result of the distribution of shares of Mirant common stock, Mirant
 now is a fully independent company.
     Because the value of Mirant previously embedded in Southern Company's
 share price has been distributed directly to Southern Company shareholders,
 one would expect the share price of Southern Company to be lower following the
 spin-off, said Gale Klappa, chief financial officer of Southern Company.
     "After the distribution, shareholders should combine the dollar value of
 their Southern Company holdings with the value of their Mirant holdings to
 determine the total value of their investment," Klappa said.
     Southern Company stockholders with questions regarding the distribution
 may visit the company's Web site www.southerncompany.com under the "investor
 relations" section or call the information agent toll-free at 1-866-825-8875.
     Southern Company is a super-regional energy company with more than 32,000
 megawatts of electric generating capacity in the Southeast.  It is one of the
 largest producers of electricity in the U.S.  Southern Company is the parent
 firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Savannah
 Electric, Southern Nuclear, Southern Company Generation and Energy Marketing,
 Southern Company Energy Solutions, Southern LINC and Southern Telecom.
 Southern Company brands are synonymous with excellent customer service, high
 reliability, and prices that are 15 percent below the national average.
 
 

SOURCE Southern Company
    ATLANTA, April 3 /PRNewswire/ -- Southern Company (NYSE:   SO) today
 announced it has completed the spin-off of Mirant Corporation (NYSE:   MIR)
 through the distribution of all of its 272 million shares of Mirant common
 stock.
     After the close of the market yesterday, April 2, Southern Company
 stockholders were issued 0.397614 shares of Mirant common stock for each share
 of Southern Company owned on the March 21, 2001, record date.  Cash will be
 issued in lieu of fractional shares.
     As a result of the distribution of shares of Mirant common stock, Mirant
 now is a fully independent company.
     Because the value of Mirant previously embedded in Southern Company's
 share price has been distributed directly to Southern Company shareholders,
 one would expect the share price of Southern Company to be lower following the
 spin-off, said Gale Klappa, chief financial officer of Southern Company.
     "After the distribution, shareholders should combine the dollar value of
 their Southern Company holdings with the value of their Mirant holdings to
 determine the total value of their investment," Klappa said.
     Southern Company stockholders with questions regarding the distribution
 may visit the company's Web site www.southerncompany.com under the "investor
 relations" section or call the information agent toll-free at 1-866-825-8875.
     Southern Company is a super-regional energy company with more than 32,000
 megawatts of electric generating capacity in the Southeast.  It is one of the
 largest producers of electricity in the U.S.  Southern Company is the parent
 firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Savannah
 Electric, Southern Nuclear, Southern Company Generation and Energy Marketing,
 Southern Company Energy Solutions, Southern LINC and Southern Telecom.
 Southern Company brands are synonymous with excellent customer service, high
 reliability, and prices that are 15 percent below the national average.
 
 SOURCE  Southern Company