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.
Articles from Transaction
Shareholders of SCANA Corp. and Public Service Company of NorthCarolina approved a two-step merger transaction under which PSNCwill become a wholly owned subsidiary of SCANA. Shareholdersrepresenting about 76% of Scana’s outstanding shares and about 80%of PSNC’s outstanding shares approved the two proposals. The mergerstill requires state and federal regulatory approvals. Completionis anticipated during the second half of 1999.
Atlantic Richfield (ARCO) and Mobil Exploration & ProducingU.S. yesterday announced that they closed an exchange transactionthat will allow ARCO subsidiary Vastar Resources to boost its gasproduction and reserve activity level in the Gulf of Mexico shelfby one third, and Mobil’s exploration and production arm tosignificantly increase its stake in California production. The dealclosed on Oct. 31st.
The two major electronic natural gas trading systems havestarted a price war, slashing transaction fees to zero at multiplelocations for the month of September. In late August, Altra EnergyTechnologies announced a “Streamline Inventory Reduction Sale,”reducing prices to 0.001 cent/MMBtu at all its major Louisiana andTexas locations and dropping fees to zero at all of its othertrading points. Soon after, QuickTrade countered by dropping feesto 0.001 cent/MMBtu for day trades at major Louisiana an Texaspoints and Chicago, and cutting costs to zero for day trades at theColumbia Gas pool and the Henry Hub.
Peoples Energy Services has purchased the Midwest portfolio ofKN Energy subsidiary mc2 for an undisclosed sum. The transactionincludes 8,000 gas contracts, inventories and related receivables,increasing PE Services’ customer base to more than 20,000 Chicagoarea businesses, the largest of any supplier in the Chicago market,the company said.
PP&L Resources Inc. announced that it acquired Penn FuelGas, a gas distributor and storage company, in a stock transactionvalued at $133 million. The purchase was the latest step by theutility company to diversify its portfolio of energy products andservices, said PP&L Resources President William F. Hecht.