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UBS seeks ex-Enron workers
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January 28, 2002: 11:57 a.m. ET
Firm to offer jobs to 650 former Enron trading employees, person says.
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NEW YORK (CNN/Money) - UBS Warburg is offering jobs to about 650 of the 800 people who had worked for Enron's energy trading business as it takes over what was once the centerpiece of Enron's corporate holdings, a person close to the situation told CNN.
The offers came last Thursday and Friday, this person said.
UBS Warburg, which agreed to acquire the business earlier this month, has received approval for the acquisition from the judge overseeing Enron's bankruptcy, and hopes to close the deal early next month.
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CNNfn's Joya Dass reports on UBS offering employment opportunities to former Enron employees.
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Plans call for the energy trading business to be operating as soon as Feb. 11. The Enron name will be dropped, and the division will become part of UBS Warburg.
Enron's commodities trading business had accounted for about 90 percent of the company's revenues.
UBS is paying no cash up front, but has agreed to give Enron and its creditors a third of pretax operating profits for the first two years of operations.
UBS was selected as the successful bidder for Enron's North American electricity and natural gas trading business -- its core operations -- on Jan. 15 after Enron filed the biggest bankruptcy ever in the United States on Dec. 2. 
CNNfn's Allan Chernoff contributed to this report.
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