CVPS shareholders accept the Gaz Métro proposal by an overwhelming majority
September 28 2011 - 8:14PM
PR Newswire (Canada)
MONTREAL, Sept. 30, 2011 /CNW Telbec/ - Gaz Métro Limited
Partnership ("Gaz Métro") welcomes the decision by the shareholders
of Central Vermont Public Service Corporation ("CVPS") who
accepted, by a very strong majority, the sale of the company to Gaz
Métro at a meeting held on Thursday morning. This milestone was one
of the essential steps to completing the purchase of CVPS. "We are
very pleased that the CVPS shareholders have clearly approved our
purchase proposal. This is an important milestone in the sale
process. We are confident of obtaining the additional approvals
needed to conclude this acquisition by next spring or summer. The
transaction provides benefits for all stakeholders: Vermont
customers, CVPS' shareholders and Gaz Métro's unitholders,"
declared Pierre Despars, Executive Vice President, Corporate
Affairs and Chief Financial Officer at Gaz Métro. We remind readers
that the agreement, announced on July 12, 2011, provides
significant benefits for customers, communities, employees and
shareholders, including customer savings in the order of US$144
million over 10 years. CVPS shareholders will receive US$35.25 per
common share when the transaction closes. Earlier this week, CVPS
and Gaz Métro received approval from the Federal Trade Commission
to proceed with the transaction, which also requires other
regulatory approvals, including those of the Federal Energy
Regulatory Commission (FERC) and the Vermont Public Service Board.
These approvals should be secured by the spring or summer of 2012.
Once the transaction is concluded, CVPS and Green Mountain Power
Corporation will combine their activities to form one stronger
utility for Vermont residents. The company thus formed will be
owned by Northern New England Energy Corporation, a wholly owned
subsidiary of Gaz Métro, just like Vermont Gas Systems and Portland
Natural Gas Transmission System. Gaz Métro Overview With over $3.5
billion in assets, Gaz Métro is Quebec's leading natural gas
distributor. Its 10,000-kilometre network serves 300
municipalities. Gaz Métro has operated in this regulated industry
since 1957 and is the trusted energy provider to its customers in
Quebec and Vermont, who choose natural gas for its competitive
price, efficiency, comfort and environmental benefits. Gaz Métro is
also present in the electricity distribution market, and is
involved in natural gas transportation and storage, the development
of projects such as wind power, natural gas as fuel for the
transportation industry, and biomethanation. Gaz Métro is committed
to the satisfaction of its customers, Partners, and employees and
the communities it serves. www.gazmetro.com GAZ METRO CONTACT:
Media Investors and analystsAudrey Giguère Caroline WarrenMedia and
public relations Investor Relations514 598-3449 514
598-3324www.gazmetro.com/pressroom Photos, videos (b-roll) and
logos are available in Gaz Métro's Multimedia library.
Copyright
Central Vermont Public Service (NYSE:CV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Central Vermont Public Service (NYSE:CV)
Historical Stock Chart
From Jul 2023 to Jul 2024