NiSource Inc. has lost another round in its takeover bid forColumbia Energy. A Delaware court judge earlier this week dismissed aNiSource lawsuit aimed at forcing Columbia to reconvene its annualstockholders’ meeting in order to elect a 13th member to the board ofdirectors. NiSource claimed Columbia acted illegally in not fillingthe vacancy at its last annual meeting. NiSource was seeking to electits own representative for Columbia’s board as part of its campaign toannex the Herndon, VA, company through a $68/share hostile takeover. ADelaware Court of Chancery judge said Wednesday he did not believethere was a legal or practical basis for restaging the annualmeeting. NiSource, which made the takeover bid in early June, has twoother lawsuits targeting Columbia still to be decided (See Daily GPI,July 30).
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AZ Regulator Accused of Tampering with SW Gas Merger
The bloody battle over the right to merge with Southwest GasCorp. has recently claimed another victim: Arizona CorporationCommissioner (ACC) Jim Irvin. Federal and state authorities areinvestigating allegations that the state regulator illegallyinfluenced Southwest Gas to go with Oneok Inc. as a merger partnerinstead of rival suitor Southern Union Co.
AZ Regulator Accused of Tampering with Southwest Merger
The bloody battle over the right to merge with Southwest GasCorp. has recently claimed another victim: Arizona CorporationCommissioner (ACC) Jim Irvin. Federal and state authorities areinvestigating allegations that the state regulator illegallyinfluenced Southwest Gas to go with Oneok Inc. as a merger partnerinstead of rival suitor Southern Union Co.
Mexico Establishes Another Distribution Zone
Mexico’s energy regulatory commission (CRE) created thePuebla-Tlaxcala geographic zone for gas distribution. The zonecovers 51 municipalities in the two states. An investment of about$50 million is expected to develop the project, and Gaz de Francehas expressed an interest.
Tennessee, CNG Join East-Bound Bandwagon
As if its plate weren’t already full, “the market” received another East-bound pipeline project to “sort out” with the announcement of El Paso Energy’s Tennessee Gas Pipeline and Consolidated Natural Gas’ CNG Transmission Atlantic Alliance Project. Atlantic Alliance would transport up to 750,000 Dth/d from the Chicago market center and the Niagara Import Point in upstate New York into eastern markets.
Gulf Players Quibble With MMS Over RIK Reporting
Although the Department of the Interior’s Minerals Management Service (MMS) is about to embark on another gas royalty in kind (RIK) pilot in the Gulf of Mexico, that doesn’t mean producers there will be completely relieved of gas sales price reporting requirements.
Gulf Players Quibble With MMS Over RIK Reporting
Although the Department of the Interior’s Minerals ManagementService (MMS) is about to embark on another gas royalty in kind(RIK) pilot in the Gulf of Mexico, it doesn’t mean producers therewill be completely relieved of gas sales price reportingrequirements.
Exploration Co. Success Rate: Nine for Nine
The Exploration Company (TXCO) is on a roll in Southwest Texaswith another high producer, its ninth consecutive successfulnatural gas well in the Prickly Pear (Glen Rose) Field west of SanAntonio, near the Mexican border.
East Softer; West Sees Another Big Price Recovery
Eastern markets emerged from the weekend without seeing anyrebound from Friday’s slump. Prices continued to decline by mostlysmall amounts, with various points ranging from flat to just over anickel lower. A small futures drop contributed to the cashbearishness, traders said, but more than anything else it was arelative dearth of air conditioning load that sent prices down.
Mexico Defines Another Distribution Zone
Mexico’s energy regulatory commission (CRE) has defined a newgas distribution geographic zone and put out a call for bids fordevelopment of a distribution system expected to cost about $35million. The system will serve the region of North Bajio includingmunicipalities Aguascalientes-Jesus Maria-San Francisco de losRomo, Aguascalientes; San Luis Potosi-Soledad de Graciano Sanchez,San Luis Potosi; and Zacatecas-Guadalupe, Fresnillo, Calera andMorelos, Zacatecas.
