Big power merger is losing its appeal
Article Abstract:
DQE Inc. and Allegheny Energy Inc.'s planned merger may not push through due to a Public Utilities Commission (PUC) ruling giving Allegheny only $524 million in terms of fees to be sought from its Pennsylvania customers. Allegheny, which originally sought $1.5 billion from the PUC, has seen its stock value decline to a six-month low of $1.5 on May 27, 1998, due to the regulatory ruling. According to Daniel F. Ford, HSBC Securities' managing director, the ruling will pare down Allegheny's earnings by around 7.6% in 1999 and by more than 11% in 2000. HSBC claimed that it believed that DQE would drop merger plans because of the developments revolving around the PUC's decision.
Comment:
Merger with DQE may not push through due to Public Utilities Commission ruling reducing company's future income
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Utility chiefs squabble on split-up
Article Abstract:
Allegheny Energy Inc. and DQE Inc., two electric utilities, are involved in a public dispute over a possible breakup of their proposed merger agreement. Allegheny Energy's chief executive and chairman, Alan J. Noia, issued a warning to DQE's chief executive, David Marshall, in a letter, saying that Allegheny Energy will seek from DQE a compensation worth more than the agreed breakup fee of $50 million if DQE will not reconsider its plans to split up from its planned merger deal with Allegheny Energy.
Comment:
Is involved w/ Allegheny Energy in a public dispute over a possible breakup of their proposed merger agreement
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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U.S. OKs merger DQE says is dead
Article Abstract:
DQE Inc. wants to withdraw from its proposed merger deal with Hagerstown, MD-based Allegheny Energy Inc. DQE's move was blamed on the Public Utility Commission's approval requirements and Allegheny Energy financial difficulties as a result of its reorganization initiatives. Allegheny Energy's hopes of proceeding with its planned merger with DQE, however, were improved as the Federal Energy Regulatory Commission continued to evaluate DQE and Allegheny Energy's earlier merger-approval application.
Comment:
Has its merger partner, DQE, seeking to withdraw from their proposed merger deal
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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