WPS Resources Corporation Shareholders Approve Share Issuance and Name Change
December 06 2006 - 12:22PM
PR Newswire (US)
GREEN BAY, Wis., Dec. 6 /PRNewswire-FirstCall/ -- In a special
meeting of shareholders held in Green Bay today, WPS Resources
Corporation's (NYSE:WPS) shareholders approved the issuance of
shares of WPS Resources' common stock as contemplated by the
Agreement and Plan of Merger, dated as of July 8, 2006, between WPS
Resources Corporation and Peoples Energy Corporation. WPS
Resources' shareholders also approved an amendment to WPS Resources
Corporation's restated articles of incorporation to change the name
of WPS Resources Corporation to Integrys Energy Group, Inc., when
the closing of the merger has been completed. In a special meeting
of shareholders held in Chicago today, Peoples Energy Corporation
(NYSE:PGL) shareholders approved the Agreement and Plan of Merger,
dated as of July 8, 2006, between WPS Resources Corporation and
Peoples Energy Corporation. "We are very pleased to receive strong
shareholder support for our merger with Peoples Energy," said Larry
Weyers, Chairman, President, and CEO of WPS Resources. "We have
achieved another milestone in the transaction process. Completion
of the merger will aid us in fulfilling our vision of becoming a
stronger and more-competitive, diversified energy company. We chose
Integrys for our new name because it reflects our commitment to
open and honest business practices, prudent decision-making, and a
strong financial foundation. These are values that will support the
integration of the two companies and help us achieve our vision.
Integrys also conveys the core values of our combined company. Our
employees are customer focused and work hard to provide energy
solutions that benefit all our stakeholders -- our customers,
shareholders, and the communities we serve." Under the terms of the
merger agreement, when the merger is completed, each share of
Peoples Energy common stock outstanding immediately prior to
completion of the merger will be converted into the right to
receive 0.825 shares of WPS Resources common stock. When the merger
is completed, WPS Resources will issue up to approximately
31,753,243 shares of its common stock to Peoples Energy
shareholders as contemplated by the merger agreement. Also
contingent upon the consummation of the merger is the name change
for WPS Resources, which will become Integrys Energy Group, Inc.
The new ticker symbol on the New York Stock Exchange at that time
will be TEG. Regulatory approval for the merger is still required
from the Illinois Commerce Commission, Public Service Commission of
Wisconsin, and Federal Energy Regulatory Commission. The companies
continue to work with the regulatory agencies to obtain required
approvals. The transaction is expected to close in the first
quarter of 2007. About WPS Resources Corporation WPS Resources
(NYSE:WPS), based in Green Bay, Wisconsin, is a holding company
with five major subsidiaries providing electric and natural gas
energy and related services in both regulated and non-regulated
energy markets. Its largest subsidiary is Wisconsin Public Service
Corporation, a regulated electric and natural gas utility serving
northeastern Wisconsin and a portion of Michigan's Upper Peninsula.
Wisconsin Public Service serves more than 425,000 electric
customers and 308,000 natural gas customers. Another subsidiary,
Upper Peninsula Power Company, is a regulated electric utility that
serves approximately 52,000 electric customers in Michigan's Upper
Peninsula. Michigan Gas Utilities Corporation is a regulated
natural gas utility serving 161,000 customers in lower Michigan.
Minnesota Energy Resources Corporation is a regulated natural gas
utility serving more than 200,000 customers throughout Minnesota.
WPS Resources' major non-regulated subsidiary consists of WPS
Energy Services, Inc., a diversified non-regulated energy supply
and services company serving commercial, industrial and wholesale
customers and aggregated groups of residential customers. Its
principal market is the northeast quadrant of the United States and
adjacent portions of Canada. Its principal operations are in
Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in
the United States and Alberta, Ontario, and Quebec in Canada. WPS
Energy Services also owns and/or operates non-regulated electric
generation facilities in Wisconsin, Maine, Pennsylvania, New York,
and New Brunswick, Canada; steam production facilities in Arkansas
and Oregon; and a partial interest in a synthetic fuel processing
facility in Kentucky. Visit the WPS Resources Web site at
http://www.wpsr.com/ for additional information. About Peoples
Energy Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a
diversified energy company consisting of three primary business
segments: Gas Distribution, Oil and Gas Production, and Energy
Marketing. Peoples Gas and North Shore Gas, regulated utilities,
deliver natural gas to about one million customers in the City of
Chicago and 54 communities in northeastern Illinois. The company's
non-utility businesses include Peoples Energy Services (PESC) and
Peoples Energy Production (PEP). PESC, launched in 1996, serves
more than 40,000 customers. PESC provides a portfolio of products
to manage energy needs of business, institutional and residential
consumers in today's volatile and complex energy market. PEP,
founded in 1998, is primarily focused on acquiring proven, onshore
reserves with upside potential in a limited number of strategic
supply basins. Value is then added through drilling programs,
production enhancements and reservoir optimization. The company's
acquisition and drilling efforts are primarily focused on natural
gas. Visit the Peoples Energy website at
http://www.peoplesenergy.com/ . Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. You
can identify these statements by the fact that they do not relate
strictly to historical or current facts and often include words
such as "anticipate," "expect," "intend," "may," "could,"
"project," "believe" and other similar words. Forward-looking
statements are beyond the ability of WPS Resources and Peoples
Energy to control and, in many cases, neither WPS Resources nor
Peoples Energy can predict what factors would cause actual results
to differ materially from those indicated by forward-looking
statements. Please see WPS Resources' and Peoples Energy's periodic
reports filed with the Securities and Exchange Commission
(including their 10-Ks and 10-Qs) for listings of certain factors
that could cause actual results to differ materially from those
contained in forward-looking statements. All forward-looking
statements included in this press release are based upon
information presently available, and neither WPS Resources nor
Peoples Energy assume any obligation to update any forward-looking
statements. DATASOURCE: WPS Resources Corporation CONTACT: Joseph
P. O'Leary, Senior Vice President and Chief Financial Officer,
+1-920-433-1463, or Donna M. Sheedy, Manager Investor Relations,
+1-920-433-1857, both of WPS Resources Corporation Web site:
http://www.wpsr.com/ http://www.peoplesenergy.com/
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