FERC approves merger of El Paso Energy and Coastal without conditions

Jul 26, 2000 02:00 AM

The US Federal Energy Regulatory Commission (FERC) approved the $ 16 bn merger of El Paso Energy and Coastal, without conditions. The combined company will have assets of $ 35 bn.
El Paso Energy and Coastal shareholders approved the deal in May. Under the deal, each share of $ 1.19 Series A convertible preferred stock and $ 1.83 Series B convertible preferred stock will be converted to 9.133 shares of El Paso Energy common stock, and each share of $ 5.00 Series C convertible preferred stock will be converted to 17.980 shares of El Paso Energy common stock. Outstanding Coastal stock options will be exchanged for El Paso Energy common stock.
El Paso Energy and Coastal announced their merger plans in January. The merger's $ 16 bn valuation includes approximately $ 6 bn of assumed debt and preferred equity.

El Paso Energy is an energy company with strategic business units, El Paso Natural Gas, Tennessee Gas Pipeline, Southern Natural Gas, El Paso Field Services, El Paso Merchant Energy, El Paso Production and El Paso Energy International.

Coastal is a Houston-based energy holding company with subsidiary operations in natural gas transmission, storage, gathering/ processing and marketing, oil and gas exploration and production, petroleum refining, marketing and distribution, chemicals, power production, and coal.

Source: Bridge News via Newspage
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