Dynegy’s takeover of Illinova took a big step toward completionas shareholders for each company voted in favor of the transactionyesterday. Illinova’s vote of approval was announced during aspecial meeting at company headquarters in Decatur, IL, whileDynegy’s was held during a special shareholder meeting in Houston.
Despite yesterday’s victories, the merger, which was announcedin mid-June (see Daily GPI, June 15), still needs FERC, NuclearRegulatory Commission, and Illinois Commerce Commission approval.Along with those approvals, completion of the Clinton Power Stationsale, and other closing conditions are expected to be satisfiedduring the first quarter of 2000. The Federal Trade Commission hasalready granted early termination of Hart-Scott-Rodino waitingperiods and the Securities and Exchange Commission has allowed theregistration statement for the combined company to take effect.
The combined company will be named Dynegy Inc. and will beheadquartered in Houston. It will have a $7.5 billion book value,own an interest in plants which total more than 14,000 MW of grossdomestic generating capacity, average North American natural gassales of 9.1 Bcf/d and serve more than 950,000 retail customers.Illinova’s regulated utility, Illinois Power, will be a subsidiaryof Dynegy Inc.
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