CalEnergy-MidAmerican Union Marching Ahead
CalEnergy Co. and MidAmerican Energy Holdings Co. filed an
application for review of proposal for reorganization with the Iowa
Utilities Board (IUB) in conjunction with their proposed merger.
The merger agreement is also subject to approval by the
shareholders of both companies, for which special meetings will be
called later this year. Completion of the merger is expected to
occur by the end of the first quarter of 1999.
The application with the IUB is the last major regulatory filing
that the companies expect to make. To date, filings have been made
with Federal Energy Regulatory Commission, the Nuclear Regulatory
Commission, the Department of Justice and the Federal Trade
Commission. These filings, along with CalEnergy's closing of $1.4
billion in debt securities Tuesday, are continued steps to the
completion of the merger.
CalEnergy and MidAmerican announced merger plans last month. The
combined enterprise will have total assets of about $13 billion,
total annual revenues of more than $4.2 billion and will serve more
than 3.3 million retail customers.
Joe Fisher, Houston
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