takeover

Columbia Energy Group revealed last week that its defense against a hostile takeover by NiSource has become quite costly, reaching $9 million in pre-tax expenses during the third quarter. The company also took a $4 million pre-tax charge during the third quarter for restructuring its retail marketing operation. The two setbacks combined led to a net loss of $9.7 million (12 cents per share) during the quarter compared to net income of $11.2 million (13 cents per share) during the same period last year. The company reported income from continuing operations of $800,000, or 1 cent per share, compared to $12.2 million, or 14 cents/share in 3Q98.

Columbia Energy Group revealed yesterday that its defenseagainst a hostile takeover by NiSource has become quite costly,reaching $9 million in pre-tax expenses during the third quarter.The company also took a $4 million pre-tax charge during the thirdquarter for restructuring its retail marketing operation. The twosetbacks combined led to a net loss of $9.7 million (12 cents pershare) during the quarter compared to net income of $11.2 million(13 cents per share) during the same period last year. The companyreported income from continuing operations of $800,000, or 1 centper share, compared to $12.2 million, or 14 cents/share in 3Q98.

Dynegy’s takeover of Illinova took a big step toward completion as shareholders for each company last week voted in favor of the transaction. Illinova’s vote of approval was announced during a special meeting at company headquarters in Decatur, IL, while Dynegy’s was held during a special shareholder meeting in Houston.

Dynegy’s takeover of Illinova took a big step toward completionas shareholders for each company voted in favor of the transactionyesterday. Illinova’s vote of approval was announced during aspecial meeting at company headquarters in Decatur, IL, whileDynegy’s was held during a special shareholder meeting in Houston.

Against the backdrop of NiSource Inc.’s hostile takeover bid forColumbia Energy Group, a number of U.S. and foreign electriccompanies were emerging last week as potential third-party suitorsfor the diversified energy concern.

Against the backdrop of NiSource Inc.’s hostile takeover bid forColumbia Energy Group, a number of U.S. and foreign electriccompanies are emerging as potential third-party suitors for thediversified energy concern.

Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the rumor.