Approve

Rhode Island’s Providence Energy Corp.’s shareholders votedoverwhelmingly to approve a proposed merger with Austin’s SouthernUnion Co. this week. At the special shareholders’ meeting inProvidence on Monday, nearly 95% of those voting were in favor ofthe move.

The Texas Railroad Commission yesterday voted to approve toughpipeline safety proposals that include targeting one of the largestutilities in the state – TXU Energy. The TRC voted unanimously torequire TXU to have all segments of its polyethylene 1 pipe out ofthe ground by December.

Stockholders of El Paso Energy and Coastal Corp. Friday approved the merger of the two giants of the natural gas industry, moving the transaction closer to reality.

Stockholders of El Paso Energy and Coastal Corp. Friday approvedthe merger of the two giants of the natural gas industry, movingthe transaction closer to reality.

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.

Alaska Gov. Tony Knowles last week called on a hesitant FederalTrade Commission (FTC) to swiftly approve BP Amoco’s proposedacquisition of Atlantic Richfield Co. (Arco), which has beenstalled at the agency due to antitrust concerns.

Alaska Gov. Tony Knowles last week called on a hesitant FederalTrade Commission (FTC) to swiftly approve BP Amoco’s proposedacquisition of Atlantic Richfield Co. (Arco), which has beenstalled at the agency due to antitrust concerns.

Although the merger of Exxon and Mobil has raised the eyebrowsof at least two states, the Federal Trade Commission (FTC) isexpected to vote today to approve the $81 billion deal to createone of the world’s largest energy companies. The deal includes aproposal to sell about 2,400 gas stations nationwide, and at leastConnecticut and New Hampshire are concerned. Although ConnecticutAttorney General Richard Blumenthal opposes the deal, he told theAssociated Press it is unlikely a single state could block themerger and it also is unlikely a coalition of states will form tochallenge the deal.

Dynegy’s takeover of Illinova took a big step toward completion as shareholders for each company last week voted in favor of the transaction. Illinova’s vote of approval was announced during a special meeting at company headquarters in Decatur, IL, while Dynegy’s was held during a special shareholder meeting in Houston.