Overseas

Apache Corp. and its partner Shell Overseas Holdings Ltd. expectto close on their acquisition of New Zealand-based FletcherChallenge Energy by the end of this month after winning theoverwhelming approval of Fletcher’s shareholders in a specialmeeting Tuesday. In the deal, Houston-based Apache will acquireFletcher’s Canadian and Argentina assets for about $630 million.

A joint bid by Apache Corp. and Royal Dutch/Shell Group’s Overseas Holdings to buy New Zealand-based Fletcher Challenge Energy Ltd. is still alive despite an initial rejection by the Commerce Commission of New Zealand, which holds ultimate sway over the country’s mergers.

Two U.S. energy giants with divergent approaches to overseasinvestments cut a deal announced Tuesday with Dominion Resources,Inc., continuing to sell off its foreign investments and SempraEnergy continuing to expand its plays out of the country. Semprapaid $145 million in cash for Dominion’s 21.5% interest in holdingcompanies for natural gas distribution companies in central andsouthern Argentina and a 25% interest in the parent company for aBuenos Aires electric utility.

Two U.S. energy giants with divergent approaches to overseasinvestments cut a deal announced Tuesday with Dominion Resources,Inc., continuing to sell off its foreign investments and SempraEnergy continuing to expand its plays out of the country. Semprapaid $145 million in cash for Dominion’s 21.5% interest in holdingcompanies for natural gas distribution companies in central andsouthern Argentina and a 25% interest in the parent company for aBuenos Aires electric utility.

International operations enabled UtiliCorp United to post higherearnings during the first quarter despite sharply lower resultsfrom Aquila Energy’ midstream activities. UtiliCorp reportedearnings of $51.9 million, up from $43.3 million a year earlier.Diluted earnings per share for the quarter were $.57 in 1999compared to $.53 in 1998.