NEW YORK, Oct. 19 /PRNewswire/ -- Pennsylvania Enterprises Inc. (PEI)
(NYSE: PNT) shareholders today approved PEI's $500 million definitive merger
agreement with Southern Union Company (NYSE: SUG).
During a special meeting in New York City, owners of PEI stock voted in
favor of the agreement announced between the two companies on June 7. The
merger also must be approved by Southern Union's shareholders and by the
Public Service Commissions in Missouri and Florida. Southern Union's
shareholders are scheduled to vote on the merger later today. The merger is
expected to be consummated before the end of the year.
The PEI Board of Directors in recommending approval of the agreement said
the merger will give the larger Company a greater ability to compete in the
nation's increasingly deregulated energy industry. The larger Company will
enjoy economies of scale that are likely to benefit PEI's customers, namely
the more than 152,000 natural gas customers served by PG Energy and Honesdale
Gas Company, and the customers of PG Energy PowerPlus, PEI's non-regulated
marketer of energy and energy-related products.
PG Energy and its subsidiary, Honesdale Gas Company, serve customers in
13 counties in central and northeastern Pennsylvania. PEI's other
subsidiaries are PG Energy Services Inc., which markets energy and energy
related services under the name PG Energy PowerPlus, PEI Power Corporation and
Theta Land Corp.
Southern Union is an international energy distribution company, serving
more than one million customers through three divisions - Southern Union Gas,
Missouri Gas Energy and Atlantic Utilities; SUPro Energy Company and Atlantic
Gas Corporation, its propane distribution subsidiaries; and its equity
ownership in a natural gas distribution company serving Piedras Negras,
Mexico. In Texas, Southern Union Gas serves approximately 513,000 customers,
including the cities of Austin, El Paso, Brownsville, Galveston and Port
Arthur. Missouri Gas Energy serves approximately 484,000 customers in western
Missouri, including the cities of Kansas City, St. Joseph, Joplin and Monett.
Additional information about the merger is available on the companies' web
sites at http://www.southernunionco.com and http://www.pnt.com.
SOURCE Pennsylvania Enterprises, Inc.
 back to top
Related links:
http://www.pnt.com
Company News On-Call:
http://www.prnewswire.com/comp/684209.html or fax,
800-758-5804, ext. 684209
CONTACT:
John J. Hambrose of Pennsylvania Enterprises,
570-829-8756
|
