Hart

It wouldn’t be a proper T. Boone Pickens speech without a wild predication or two, and the legendary oilman made a handful at Hart Energy’s 2011 DUG (Developing Unconventional Gas) East conference in Pittsburgh on Wednesday.

National Grid and KeySpan Corp. have filed information in compliance with the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, a requirement of their proposed merger transaction, the companies said on Friday. In addition, National Grid and KeySpan have made voluntary notice to the Committee on Foreign Investment in the United States (CFIUS) that National Grid, a London-headquartered company, is acquiring a U.S. company. In both the HSR and CFIUS filings, the applicable federal authority has 30 days to determine if the filings require further review. On Feb. 27, National Grid and KeySpan announced an agreement for National Grid to acquire KeySpan, which will materially expand the size of National Grid’s US operations and create the third-largest gas delivery utility in the U.S. (see Daily GPI, Feb. 28). In May, National Grid and KeySpan submitted their merger plan to FERC, promising no adverse impacts on the wholesale energy market nor any cross subsidization from regulated to unregulated operations from the $7.3 billion combination (see Daily GPI, May 30).

In a deal that began with a phone call from one chairman of the board to another a day after Enron Corp’s third quarter earnings were released, Dynegy Inc. and Enron agreed to merge on Friday in a transaction estimated to be worth about $22 billion. In the process, Enron will lose its once stellar name, while the new company, which will keep the Dynegy trademark, will become the largest energy trading and marketing company in the world, with revenues expected to exceed $200 billion. The combined company also would have about $90 billion in assets. Through the third quarter of 2001, the two companies had gas sales of about 40 Bcf/d and power sales exceeding 500 million MWh, and their combined assets include more than 22,000 MW of generating capacity and 25,000 miles of pipe.

NiSource said it filed the necessary information under theHart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 with theFederal Trade Commission and Department of Justice regarding itstender offer for all of Columbia Energy Group’s common shares. CEOGary Neale said it “sends a serious message to Columbia that we arecommitted to completing this transaction and that we are confidentin our ability to secure the necessary regulatory approvals. Wehave said throughout that we believe the regulatory approvalprocess can be completed within six to nine months if we worktogether. HSR clearance is an important first step, and one thatconfirms our commitment to move forward on all fronts of thistransaction.” NiSource is offering $68/share for Columbia stock.Columbia’s board has said the company is not for sale and isfighting the hostile takeover attempt (See Daily GPI July 16, July15, June 25, June 11 and June 8).

The Sempra Energy-KN Energy merger leaped its first hurdle last Monday, as the Federal Trade Commission (FTC) cleared it under the Hart Scott Rodino Act. Shareholders from both companies as well as other federal and state regulatory authorities still need to approve the deal.

The Sempra Energy-KN Energy merger leaped its first hurdleMonday, as the Federal Trade Commission (FTC) cleared it under theHart Scott Rodino Act. Shareholders from both companies as well asother federal and state regulatory authorities still need toapprove the deal.