Stockholder

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.

Southern Union shares reached a 52-week high of $29.76 last week after its largest stockholder, Sandell Asset Management Corp., on Tuesday reiterated its demands for strategic changes or an outright sale of the company and vowed to wage a proxy battle to seek the election of three candidates to Southern Union’s board.

Southern Union shares slipped slightly Thursday but remained near a 52-week high after its largest stockholder, Sandell Asset Management Corp., on Tuesday reiterated its demands for strategic changes or an outright sale of the company and vowed to wage a proxy battle to seek the election of three candidates to Southern Union’s board.

Harbert Distressed Investment Master Fund Ltd., the largest stockholder of NorthWestern Corp., has hired Lehman Brothers and the law firm of Milbank, Tweed, Hadley & McCloy LLP to advise it on the feasibility of a proposal by a coalition of municipal entities called Montana Public Power Inc. (MPPI) to buy NorthWestern.

Selim K. Zilkha, El Paso Corp.’s largest stockholder who is spearheading an effort to unseat the company’s current board of directors, said this week he was troubled about the “severance costs” that shareholders could be burdened with if they succeed in replacing El Paso’s board, particularly the compensation to be paid to Chairman William Wise when he steps down later this year.

Denver-based Prima Energy Corp., an independent natural gas and oil company, has adopted a Stockholder Rights Plan designed to provide additional negotiating leverage to the company’s board of directors in the event of an unsolicited takeover bid, and to protect the company’s stockholders against inadequate offers and “abusive takeover tactics.” Under the plan, the company will distribute one right for each outstanding share of common stock to holders of record at the close of business on June 8. The plan would generally be triggered if an acquiring party accumulated 15% or more of the company’s common stock. Most of the company’s current activities are focused in the Rocky Mountains.

Calgary-based Canadian 88 Energy Corp. Thursday rejected a hostile takeover bid from Canadian Superior Energy Inc. after stockholder Duke Energy, which owns 20% of Canadian 88 shares, said it did not support the proposal. Canadian Superior, begun by Canadian 88 founder Greg Noval, is less than one-tenth the size of Canadian 88, but nevertheless, it launched its takeover in April (see NGI, April 30). Noval resigned from Canadian 88 last year.

Calgary-based Canadian 88 Energy Corp. Thursday rejected a hostile takeover bid from Canadian Superior Energy Inc. after stockholder Duke Energy, which owns 20% of Canadian 88 shares, said it did not support the proposal. Canadian Superior, begun by Canadian 88 founder Greg Noval, is less than one-tenth the size of Canadian 88, but nevertheless, it launched its takeover in April (see Daily GPI, April 27). Noval resigned from Canadian 88 last year.