Reliant Energy’s board of directors elected Eddie Meche to thepost of vice president and chief risk control officer for Reliant.Meche joined Reliant in 1997 and most recently served as vicepresident for risk control for the company’s Wholesale Group.
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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.
Oneok increased its offer to acquire Southwest Gas by $1.50Monday, winning the Southwest Gas board of directors’ approval anddefeating an unsolicited bid from Austin, TX-based Southern UnionCo. The new monetary total of the merger is $1.8 billion or$30/share of common Southwest Gas stock. Southern Union had acompeting, unsolicited bid for Southwest of $32/share on the table,but Southwest had reservations concerning Southern Union’stimetable for the deal’s completion.
A partnership between Sempra Energy International and PublicService Enterprise Group (PSEG) won approval from the board ofdirectors for Chilquinta S.A. to buy Chilquinta Energia, for $830million, Chilquinta announced Tuesday. Chilquinta Energia isChile’s third-largest electricity supplier, serving 405,000customers. Along with Chilean electricity supply, the Sempra – PSEGpartnership would acquire Energas, a Chilean natural gasdistribution company. Energas began service in May of 1998 andplans to reach 50,000 customers by 2003. Both Sempra and PSEG saidthe deal will progress their Latin America growth strategies andlook forward to entering into the Chilean electric market, whichhas grown 8% each year since 1991, compared to 1%-2% in the U.S.The deal is contingent on the buyers’ review and approval ofschedules for the definitive stock purchase agreement. Both Sempraand PSEG expect the purchase to be accretive in 1999. The $830million would net 90% of Chilquinta Energia’s stock for thepartnership. Upon final acquisition, Sempra and PSEG will be ableto make a tender offer to acquire the remaining 10 percent ofChilquinta Energia shares from other shareholders.
In an effort to encourage retail stock ownership and improveshare liquidity, the KN Energy board of directors announcedWednesday shareholders of record at the close of business Dec. 15will receive a three-for-two stock split and a 7.1% increase inquarterly dividends. The stock will be distributed and the increasewill be paid concurrently on Dec. 31.
DuPont’s board of directors approved the previously announcedinitial public offering (IPO) of Conoco common stock before the endof 1998. Following completion of the IPO, DuPont intends to offerits remaining Conoco shares to DuPont shareholders in exchange forDuPont shares in a tax-free split-off expected to be completedwithin 12 months.
The Board of Directors of KeySpan Energy appointed four newofficers. Frederick M. Lowther, 54, of Dickstein Shapiro Morin& Oshinsky has been named general counsel. Steven L. Zelkowitz,49, has been named senior vice president and deputy generalcounsel. Michael J. Taunton, 42, has been named vice president ofinvestor relations. Lawrence S. Dryer, 39, has been named vicepresident of internal audit.
The boards of directors of CalEnergy Co. Inc. and MidAmericanEnergy Holdings Co. announced yesterday that they have signed adefinitive merger agreement. Under the deal, Omaha, NE-basedCalEnergy has agreed to acquire neighboring MidAmerican Energy for$4 billion in a stock transaction.
After searching for a leader to take the helm at EquitableResources for nearly a year, the company’s board of directorsannounced yesterday it has appointed Coral Energy CEO Murry S.Gerber, 45. Gerber will assume his position as president and chiefexecutive officer of Equitable on June 1. Gerber also will serve asa director on the company’s board.