Dynegy Inc. was thrown a major financial lifeline late Friday when it closed on the sale of Northern Natural Gas. Co to Berkshire Hathaway’s MidAmerican Energy Holdings Co. Just days earlier, it had told the Securities and Exchange Commission (SEC) that bankruptcy could be in its future if the sale of natural gas pipeline was either delayed or blocked.
Berkshire
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FERC Approves MidAmerican Sale to Berkshire
The FERC Wednesday approved the acquisition of MidAmericanEnergy Holdings Co. by an investor group made up of Inc., Omahabusinessman Walter Scott, and David L. Sokol, MidAmerican CEO.MidAmerican filed with the Federal Energy Regulatory CommissionNov. 8. On Nov. 29, MidAmerican received early termination of thewaiting period under the Hart-Scott-Rodino Antitrust ImprovementAct after filing Nov. 12. The transaction is still subject toMidAmerican shareholder approval as well as clearance by the IowaUtilities Board, the Nuclear Regulatory Commission and the IllinoisCommerce Commission. Closing is expected in the first quarter.
December 17, 1999
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