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Gas News Release
December 16, 1999
Dominion Resources and CNG Receive SEC Approval to Merge
RICHMOND, Va. -- Dominion Resources, Inc. (NYSE: D) and
Consolidated Natural Gas Company (NYSE: CNG) have received approval from the U.S.
Securities and Exchange Commission (SEC) to merge and create the nation's largest
fully integrated natural gas and electric power company.
The approval, issued yesterday, represents the last remaining
federal or state approval needed to complete the transaction, which was originally
announced in late February. Under terms of an earlier conditional approval by
the Virginia State Corporation Commission (SCC), the SCC must review the final
SEC approval before making its approval final.
The companies expect to complete the merger in the first
quarter of 2000.
Thos. E. Capps, chairman, president and chief executive officer
of Dominion Resources and George A. Davidson, Jr., chairman and chief executive
officer of CNG, said:
"We are absolutely delighted. In less than 10 months
we announced the merger, received overwhelming shareholder approval and achieved
all needed state and federal approvals. When we complete our final review of
this combination with Virginia regulators, we intend to attack our growth objectives
with the same focus and energy that we have brought to the actual process of
uniting."
Under terms of the transaction, shareholders of CNG will
receive a mix of stock and cash from Dominion Resources in exchange for their
shares. Election forms are expected to be mailed in the near future.
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For further information contact:
Dan Donovan
412-690-1370
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