With two merger proposals in less than six months, Stone Energy Corp. probably never thought it would now be standing alone at the altar. The Lafayette, LA-based producer in June spurned a $1.9 billion merger offer by Plains Exploration & Production to hook up with Energy Partners Ltd.’s (EPL), sweeter $2.2 billion proposal (see Daily GPI, June 20). Today, however, the dumper is the dumpee.
Altar
Articles from Altar
TransCanada Left Standing (Once Again) at the Alaska Altar
TransCanada PipeLines Ltd., disappointed but refusing to be discouraged after decades of trying, declared itself still ready to collaborate with any credible new contender to build the American half of the Alaska natural gas megaproject after Warren Buffett’s Berkshire Hathaway withdrew its $6.4-billion entry (see Daily GPI, March 26).
March 29, 2004
Northeast, ConEd Wage Legal War, Call Off Merger
Northeast Utilities and Consolidated Edison ran from the altarto the courtroom last week. Their $3.8 billion marriage (excludingassumption of $3.9 billion in NU debt) has been called off and thecompanies now are waging a legal battle over which one of themviolated the agreement.
March 12, 2001
Northeast, ConEd Wage Legal War, Call Off Merger
Northeast Utilities and Consolidated Edison ran from the altarto the courtroom this week. Their $3.8 billion marriage (excludingassumption of $3.9 billion in NU debt) is off and the companies noware waging a legal battle over which one of them violated theiragreement.
March 7, 2001
Left at the Altar, Southwest Goes to Court
Southwest Gas Corp. has sued Oneok, Inc. and Southern Union Co.following what it called “Oneok’s unjustified attempt to cancel themerger agreement between it and Southwest Gas.”
January 26, 2000
KCPL Leaves Western Resources at the Altar
Kansas City Power & Light Co. (KCPL) threw down its bouquetlast week, canceling its proposed merger with the financiallytroubled Western Resources citing doubts about Western’s growth andincreasing shareholder opposition to the transaction. KCPL canceledthe merger using a stipulation in the original agreement requiringthe merger to have all regulatory approvals completed by Dec. 31,1999. The merger suffered from regulatory delays and never receiveda final okay from FERC.
January 10, 2000
KCPL Leaves Western Resources at the Altar
Kansas City Power & Light Co. (KCPL) threw in the whitetowel earlier this week, canceling its proposed merger with thefinancially troubled Western Resources citing doubts aboutWestern’s growth and increasing shareholder opposition to thetransaction. KCPL canceled the merger using a stipulation in theoriginal agreement requiring the merger to have all regulatoryapprovals completed by Dec. 31, 1999. The merger suffered fromregulatory delays and never received a final okay from the FederalEnergy Regulatory Commission.
January 5, 2000
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