Creation of Nation's Largest Fully Integrated Natural Gas
And Electric Power Company Expected in First Quarter 2000
RICHMOND, Va., Dec. 16 /PRNewswire/ -- 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.
SOURCE Dominion Resources, Inc. & Consolidated Natural Gas
Company
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Company News On-Call:
http://www.prnewswire.com/comp/203456.html or fax,
800-758-5804, ext. 203456
CONTACT:
Media, Mark Lazenby of Dominion Resources,
804-819-2042, or Chet Wade of Consolidated Natural Gas,
412-690-1361, or Analysts, Thomas Wohlfarth of Dominion
Resources, 804-819-2150, or Jim Garrett of Consolidated Natural
Gas, 412-690-1485
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