Shareholders of MCN Energy Group and DTE Energy bothoverwhelmingly voted in favor of their two companies’ mergeryesterday. DTE proposed to purchase MCN last October (see DailyGPI, Oct. 6). The deal still needs Security and ExchangeCommission, Federal Trade Commission (FTC) and FERC approval. Thecompanies expect the merger to close in mid-2000.

While the shareholder vote posed no problems to the transactionyesterday, the FTC did. It requested more information from eachcompany. DTE said it was in the process of responding to thatrequest. The FTC request is not expected to delay the closing ofthe deal, DTE said.

Upon completion, the new DTE will have approximately 11,500employees serving 2.1 million electric customers and 1.2 millionnatural gas customers in Michigan. It will have an energy portfolioconsisting of more than 11,000 MW of generating capacity, 600Bcf/year of natural gas deliveries and 185 Bcf of natural gasstorage capacity, with assets totaling more than $17 billion andannual revenues exceeding $6 billion. DTE will also gain MCN’s 25%interest in the Vector Pipeline project, 10.5% interest in theMillennium Pipeline project and 23% interest in the PortlandNatural Gas Transmission System Pipeline project.

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