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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