Ante

Columbia Energy has accepted defeat in the three-month battlewith Dominion Resources for a merger with Consolidated Natural Gas.Columbia officially withdrew its $6.7 billion offer late Tuesdayfollowing a sweetened merger bid by Virginia Power parent Dominionset at $6.4 billion and the CNG board’s unanimous approval of arevised agreement with Dominion.

Disappointed by Southwest Gas’ board of directors’ decision toaccept Oneok’s $30/share merger offer over its own $32/share offer,Southern Union decided to up the ante late Tuesday by increasingits bid to $33.50/share. With the increase, Southern Union’s offernow exceeds Oneok’s by $108 million, Southern Union said.

State regulators decided yesterday to perhaps up the ante inconsidering penalties against Pacific Gas and Electric Co. foralleged rules violations in advertising and promotion materials bysome of its unregulated energy affiliate companies.