Archive for the 'M&A' Category
Posted by Edward G. Lanza on 02 Apr 2008 | Tagged as: Water, M&A, Wastewater
AP via Forbes:
Water and wastewater utility company American Water Works Co. expects its planned initial public offering to total 64 million shares and price between $24 and $26 per share, according to a Securities and Exchange Commission filing Monday.
Voorhees, N.J.-based American Water is a subsidiary of RWE, a European electricity and gas company. RWE first announced it would exit its water activities in the U.S. and the U.K. in 2005. The parent company plans to sell American Water in more than one offering through its subsidiary Thames Water Aqua Holdings GmbH.
After the initial offering, RWE will continue to own up to about 60 percent of the American Water’s common stock.
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Posted by Edward G. Lanza on 07 Dec 2007 | Tagged as: General, Electric, Energy, International, M&A
CNN Money:
Federal energy regulators have approved regional utility owner Energy East Corp.’s roughly $4.5 billion buyout by Spanish power company Iberdrola SA.
The Federal Energy Regulatory Commission on Thursday said that since Iberdrola owns no U.S. transmission facilities ands relatively little generation in the relevant markets, “the acquisition does not present vertical or horizontal market power issues.”
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Posted by Edward G. Lanza on 21 Nov 2007 | Tagged as: Electric, Energy, M&A
CNN Money:
Shareholders of Energy East Corporation today overwhelmingly approved the agreement and plan of merger with Iberdrola, S.A., whereby Energy East will become a wholly- owned subsidiary of Iberdrola. Approximately 93% of the votes received were voted “for” the merger.
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Posted by Edward G. Lanza on 14 Nov 2007 | Tagged as: Water, International, M&A
International Herald Tribune:
German utility RWE AG on Wednesday postponed a planned initial public offering of its U.S.-based water unit American Water Works Co., citing the “currently unfavorable conditions” in U.S. markets.
RWE had planned to spin off Voorhees, New Jersey-based American Water through an IPO at the end of this year as it moves to sharpen its focus on European gas and electricity markets.
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Posted by Edward G. Lanza on 03 Oct 2007 | Tagged as: Natural Gas, Energy, M&A
Pittsburgh Tribune Review:
The future of natural gas service in the Pittsburgh area could take shape starting today in a Philadelphia courtroom, as federal appellate judges look at Equitable Resources Inc.’s long-delayed plan to buy local competitor Dominion Peoples Gas.
North Shore-based Equitable will ask a three-judge panel with the U.S. Court of Appeals for the Third Circuit to dismiss the Federal Trade Commission’s attempt to block the deal — which would create the state’s largest natural gas distribution company with more than 600,000 customers.
The company is expected to argue that the state Public Utility Commission has the authority to decide whether utility mergers are in the public’s interest, and the PUC’s approval is immune from a federal antitrust challenge.
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Posted by Edward G. Lanza on 07 Sep 2007 | Tagged as: General, Electric, Energy, M&A
Dallas Morning News:
TXU Corp. shareholders voted to sell the company to private investors in the biggest leveraged buyout ever.
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Posted by Edward G. Lanza on 23 Aug 2007 | Tagged as: Electric, Energy, M&A
Dow Jones via CNN Money:
The New York State Public Service Commission, or NYPSC, Wednesday unanimously approved the $7.3 billion buyout of U.S.-based KeySpan Corp. by U.K. and U.S gas and power networks operator National Grid PLC, subject to conditions.
The decision clears a final hurdle in a deal announced 18 months ago, which legislators had said didn’t provide enough benefits for rate payers.
The commissioners expressed concerns about service reliability issues and the financial debt structure but said the deal presented a net value savings to New York State customers of approximately $700 million over a 10-year period.
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Posted by Edward G. Lanza on 14 Aug 2007 | Tagged as: Energy, M&A
Reuters UK:
TXU Corp. expects to split into three stand-alone businesses if its $32 billion buyout by a group of investors is not completed, the Texas power company said in a filing on Monday.
TXU, which will begin meeting with shareholders as well as Institutional Shareholder Services on the proposed buyout, said market, legislative and regulatory challenges undermine the integrated business model.
It has set a Sept. 7 shareholder vote, where it needs two-thirds approval to go ahead with its proposed sale to a group led by private equity firms Kohlberg Kravis Roberts & Co and TPG, formerly known as Texas Pacific Group.
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Posted by Edward G. Lanza on 11 Aug 2007 | Tagged as: Energy, M&A
Boston Globe:
National Grid PLC chief executive Steve Holliday said yesterday he is optimistic the utility conglomerate’s $7.3 billion takeover of KeySpan Corp. will finally close this month, which means 800,000 KeySpan Massachusetts gas customers will soon see the Grid name.
In an interview at National Grid USA’s headquarters in Westborough, Holliday said he expects New York utility regulators to approve the deal Aug. 22, the last government sign-off required for the takeover, which was made public in February 2006.
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Posted by Edward G. Lanza on 01 Aug 2007 | Tagged as: Telecommunications, M&A
The Legal Intelligencer:
The Pennsylvania Supreme Court has agreed to decide the fate of the Verizon-MCI merger in the commonwealth.
The court granted allocatur in Popowsky v. Pennsylvania Public Utility Commission to both the Public Utility Commission (PUC) and Verizon. The commission and the company had appealed a Commonwealth Court ruling that said the commission should either reject the merger or impose conditions that would substantially benefit the public.
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