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FirstEnergy contributes $500M worth of shares to pension trust

FirstEnergy Corp. contributed 16,097,875 of its common shares in a private placement to its qualified pension trust, the FirstEnergy System Master Retirement Trust, to satisfy certain future funding obligations of the company and its subsidiaries to the trust.

At the time of the contribution, the shares were valued at about $500 million by State Street Bank and Trust Co., which serves as the independent fiduciary and investment manager of a segregated account in the trust, according to a Form 8-K filed Dec. 13. The shares have been registered for resale from time to time by the trust.