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* Calpine Corp.’s new chief executive, Robert May, has agreed to a two-year contract with the power producer that will pay him a base salary of $1.5 million plus millions in bonuses, said the company, which has filed for bankruptcy protection
* Pulte Homes Inc. sold its Mexican business for an undisclosed price to investors led by Walton Street Capital to focus on its home market.
* Verizon Communications Inc. cleared the final hurdle to completing a planned $8.44-billion purchase of MCI Inc. by winning approval from Washington state regulators.
* Dynegy Inc. and NRG Energy Inc. said they would buy the other’s interest in two jointly held power generation facilities in Illinois and California. Dynegy will buy NRG’s 50% ownership interest in the Illinois plant and sell NRG its 50% stake in West Coast Power. Dynegy will get net proceeds of $160 million.
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