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Article: WPS Resources Buying Peoples Energy
- Article from:
- AP Online
- Article date:
- July 10, 2006
CopyrightCopyright 2006 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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CHICAGO - WPS Resources Corp. said Monday it has agreed to buy Peoples Energy Corp. for stock worth about $1.52 billion in a deal that will create an energy company with regulated utilities serving four Midwest states and non-regulated businesses in the Northeast and Canada.
The combined company would have assets of $9.2 billion and had combined revenue of $5 billion in 2005, which would have made it a Fortune 500 company. Its regulated electric and natural gas operations will serve about 1.6 million natural gas customers and 477,000 electric customers.
The definitive merger agreement was unanimously approved by both companies' boards of directors.
WPS Resources' shareholders will own ...