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Home > BizTimes Daily > Archives > November 8, 2006
Regulatory delays drag on utility merger
Published November 8, 2006 - BizTimes Daily
When WPS Resources Corp. announced during the summer that it planned to buy
Chicago's problem-plagued Peoples Energy Corp. for nearly $1.6 billion, executives were hoping for quick regulatory approval.
However, it isn't turning out that way. To date, only the Federal Trade Commission has signed off on the deal. To be consummated, the transaction must be approved by the Illinois Commerce Commission (ICC), the Wisconsin Public Service Commission (PSC) and the Federal Energy Regulatory Commission (FERC).
Shareholders' votes by both utilities are scheduled for December.
Thus, approval for the transaction is not likely until sometime in 2007. If the merger goes through, WPS Resources will change its name to Integrys Energy Group and move its headquarters from Green Bay to Chicago.
For additional information
In a best-case scenario, approval could have come as quickly as the end of next month. It now appears, however, that the deal could take nine months or even a year to come together.
For additional information, see the full story at www.wisbusiness.com, which is a media partner of Small Business Times.
