SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) November 25, 1998
Commission Registrant, State of Incorporation, I.R.S.
File Number Address and Telephone Number Employer
Identification No.
1-11299 ENTERGY CORPORATION 72-1229752
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 529-5262
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Item 5. Other Events
Entergy Corporation has accepted an offer of A$1.7 billion
from U.S.-based AEP Resources Inc., a subsidiary of American
Electric Power (NYSE:AEP) for Citipower, the electric
distribution company in Melbourne, Australia. The sale is
expected to close at year-end. Entergy bought CitiPower in
January 1996 for A$1.575 billion.
After the effects of currency exchange and interest rate
differences, Entergy expects to recognize a gain on the sale of
approximately 12 cents on earnings per share. This gain is
subject to various purchase adjustments, which will be finalized
at or near the time of closing.
Entergy initially indicated the divestments would be
accomplished within an 18-month period, but significant interest
in the properties has advanced that schedule.
Entergy expects to realize about $4 billion from all
divestments. Of the total, about $2.5 billion will be allocated
to eliminating acquisition debt, about $0.5 billion will go
toward reducing Entergy parent-company debt, and about $1 billion
will be used to either fund future growth or for debt reduction.
The divestment of CitiPower is part of Entergy's business
strategy, announced in August, to refocus its resources on fewer
core competency growth areas. The divestitures will allow
Entergy to continue to pursue the three core competency
businesses identified in August, international power development,
power marketing and trading, and nuclear power operations.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
ENTERGY CORPORATION
By: /s/ Wayne Leonard
__________________________
Wayne Leonard
President and Chief Operating Officer
November 25, 1998
