Voting

National Grid plc’s bid to acquire KeySpan Corp. cleared its last regulatory hurdle on Aug. 23, with the New York Public Service Commission (PSC) unanimously voting to accept the $11.8 billion, 100% debt-financed merger. The deal, which was completed two days later, makes National Grid the second largest natural gas and electric utility in the United States.

Approximately 98% of voting stockholders of Houston-based Whittier Energy Corp. have approved the buyout of Whittier by Sterling Energy plc for an estimated $188 million, including $11 per Whittier share plus assumption of $43 million of Whittier liabilities. The merger was expected to close March 28. Whittier Energy is an independent oil and gas exploration and production (E&P) company with operations in Texas, Louisiana and Mississippi. The company also holds nonoperated interests in fields located in the Gulf Coast, Oklahoma, Wyoming and California. Sterling Energy is an independent E&P company formed in October 2002 and listed on the Alternative Investment Market of the London Stock Exchange. Sterling has built a portfolio of production assets in the Gulf of Mexico and offshore West Africa, and has an active exploration program focused predominantly on Africa. Sterling has expanded its U.S. operations to include onshore Texas and the Louisiana Gulf Coast.

KeySpan Corp. last Tuesday said Institutional Shareholder Services (ISS), the influential proxy advisory firm that advises institutional investors in proxy voting matters, has recommended a vote in favor of KeySpan’s proposed merger with United Kingdom’s National Grid.

KeySpan Corp. Tuesday said Institutional Shareholder Services (ISS), the influential proxy advisory firm that advises institutional investors in proxy voting matters, has recommended a vote in favor of KeySpan’s proposed merger with United Kingdom’s National Grid.

Royal Dutch/Shell Group shareholders easily approved all of the resolutions on the group’s ballot on Monday, but the voting indicated some dissatisfaction with current management.

The Constitution “explicitly” gives the president and vice president the discretion to obtain opinions and information of a confidential nature from subordinates and outside advisers without having to face the prospect of public disclosure, a Bush administration attorney argued before the Supreme Court last week.

Within hours of the Senate voting out Democrat-crafted broad energy legislation late Thursday, Republican leaders vowed to make significant changes to tailor the bill to fit their views on energy issues, while Democrats warned they may filibuster a bill that emerges from conference committee radically altered.

With 96% voting in favor, Florida Progress Corp. (FPC) shareholdersin St. Petersburg, FL yesterday approved the acquisition of theircompany by CP&L Energy, following the lead of CP&L’sshareholders who had given their approval on Wednesday (see Daily GPI,Aug. 17).