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Article: Embattled Dynegy Sells Northern Natural Gas Co. for $928 Million.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- July 30, 2002
CopyrightCOPYRIGHT 2002 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Melita Marie Garza
Jul. 30--Financially troubled Dynegy Inc., parent company of Downstate utility Illinois Power, sold the consolation prize from its fumbled merger with Enron Corp. for $928 million to an energy firm controlled by Warren Buffet, company officials announced Monday.
The sale scrapped Dynegy's plan to seek a joint partner in Northern Natural Gas Co., the former Enron-owned pipeline Dynegy won in its brief courtship of Enron last November. The announcement of the sale--lock, stock and barrel--to Des Moines-based MidAmerican Energy Holdings Co., came as a surprise, though it appeared to be welcomed by the market.
"The fact ...