Although dwarfed by the news of the proposed NiSource-Columbiamarriage, LG&E Energy Corp. had some glad tidings of its ownlast week — it signed off on a definitive merger agreement forBritain’s PowerGen plc to acquire the Louisville, KY-baseddiversified energy company in a cash-and-debt transaction valued at$5.4 billion.
Marriage
Articles from Marriage
UK’s PowerGen Offers $5.4B for LG&E Energy
Although dwarfed by the news of the proposed NiSource-Columbiamarriage, LG&E Energy Corp. had some glad tidings of its ownyesterday — it signed off on a definitive merger agreement forBritain’s PowerGen plc to acquire the Louisville, KY-baseddiversified energy company in a cash-and-debt transaction valued at$5.4 billion.
Dynegy and Illinova Marriage Delayed Slightly
Dynegy Inc. announced earlier this week that the date of itsproposed merger with Illinova Corp. has been temporarily postponedbecause certain power plant sales to El Paso Energy will takelonger to close than expected. The company had planned on finishingthe merger Jan. 4. Now, Dynegy is pushing back its projected dateof close until later in the month.
Exxon-Mobil Marching Toward Marriage
Exxon Mobil launched a new organization structure built on aconcept of eleven separate global businesses designed to allow thecompany to compete more effectively in a changing worldwide energyindustry. Lee Raymond, CEO, said by mid-December the company willannounce a revised forecast of merger benefits that will likelyexceed the $2.8 billion annual level announced last year.
Dominion-CNG Marriage Conditionally Approved
The $6.4 billion merger of Dominion Resources and ConsolidatedNatural Gas (CNG) picked up approvals from the Federal TradeCommission (FTC) and the Federal Energy Regulatory Commission(FERC) last week, but both agencies included conditions to protectcustomers in Virginia.
ConEd Marriage to Northeast Utilities Rumored
In a rumor that first broke late last week, Consolidated Edison(ConEd), a combination utility serving over three million electricand one million gas customers in New York, is reported to be inmerger talks with West Springfield, MA-based Northeast Utilities(NU), the largest electric utility in New England. Neither companywould comment on the subject. The reported stock and cash dealwould value NU at $2.8 billion.
KN, Kinder Morgan Deal on Track for 4thQ Completion
The proposed marriage of KN Energy Inc. and Kinder Morgan Inc.has passed federal antitrust review and has been verbally approvedby Colorado regulators, which puts the deal on track to becompleted in the early fourth quarter, the companies said.
KN, Kinder Morgan Deal on Track
The proposed marriage of KN Energy Inc. and Kinder Morgan Inc.has passed federal antitrust review and has been verbally approvedby Colorado regulators, which puts the deal on track to becompleted in the early fourth quarter, the companies said.
Shareholders Seal Devon, PennzEnergy Marriage
Devon Energy Corp. and PennzEnergy Co. completed their merger,which was announced May 20. Shareholders of both companies approvedthe deal Tuesday. More than 99% of the shares represented at theDevon meeting were cast in favor of the merger. Of the sharesrepresented at the PennzEnergy meeting, about 92% were cast infavor of the merger.
Sempra, KN Defend Merger Against Market Power Claims
Merger partners Sempra Energy and KN Energy contend that QuestarPipeline, which claims their marriage would subvert gas andelectric competition in southern California, is seeing monsterswhere none exist. Nevertheless, they agreed to make certainconcessions to Questar to remove a potential threat to their mergertransaction.