|
|
Article: UK Firm to Add Niagara Mohawk to US Assets.(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- September 6, 2000
CopyrightCOPYRIGHT 2000 Energy Intelligence Group. 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)
|
UK Firm to Add Niagara Mohawk to US Assets
UK-based National Grid is buying its third US utility in less than two years, this time through a $8.9 billion bid for Niagara Mohawk of Syracuse, New York.
Niagara Mohawk is the second-largest combined electricity and gas distributor in New York, serving the northern part of the state. The company has more than 1.5 million electricity and 540,000 natural gas customers.
National Grid, which is the electricity transmission monopoly in the UK, is offering $19/share in cash and stock to Niagara Mohawk shareholders, or $3 billion. The shares closed at $13.875 on Friday, but opened at a 52-week high of $17 ...