Marriage

The Baker Hughes Inc.-BJ Services Co. marriage took a few more steps down the aisle this week as the companies received stockholder approval of the deal and reached an agreement with the U.S. Department of Justice (DOJ) on what assets they will need to divest before consummating the merger.

The Baker Hughes Inc.-BJ Services Co. marriage took a few more steps down the aisle last week as the companies received stockholder approval of the deal and reached an agreement with the U.S. Department of Justice (DOJ) on what assets they will need to divest before consummating the merger.

San Jose, CA-based Calpine Corp. Friday spurned the $11 billion marriage proposal from Princeton, NJ-based NRG Energy Inc., but the eastern independent power plant operator indicated it would not give up trying to link up with its western-based equivalent. Calpine said NRG’s offer is “inadequate and materially undervalues” its asset portfolio of late-model natural gas-fired plants and the nation’s largest geothermal power fleet.

Offshore pioneer Kerr-McGee Corp. said its stockholders and those of Denver-based Westport Resources Corp. on Friday overwhelmingly approved the merger of the companies during special meetings of each company.

Offshore pioneer Kerr-McGee Corp. said its stockholders and those of Denver-based Westport Resources Corp. on Friday overwhelmingly approved the merger of the companies during special meetings of each company.

Rumors last week about a potential marriage between Mid-Atlanticutilities Potomac Electric Power and Conectiv turned out to be onthe money. The two companies announced yesterday that Pepco willbuy Conectiv for a combination of cash and stock valued at $2.2billion or $25/CIV share, a 19% premium compared to Friday’s close.

The Columbia Energy-NiSource marriage won’t kill the Millenniumpipeline project nor will strong opposition to its pipeline routein New York, Millennium Pipeline Chairman David Pentzien said thisweek in a letter to FERC’s Daniel M. Adamson, director of theOffice of Energy Projects.

The Columbia Energy-NiSource marriage won’t kill the Millenniumpipeline project nor will strong opposition to its pipeline routein New York, Millennium Pipeline Chairman David Pentzien said lastweek in a letter to FERC’s Daniel M. Adamson, director of theOffice of Energy Projects.

FERC last week gave its seal of approval to the $6.4 billionmarriage of two major northeastern utilities — Energy East Corp.,parent of New York State Electric & Gas (NYSEG), and CMP Group,parent of Central Maine Power — putting them clearly on the pathto becoming a major force in the Northeast energy market.