Virginia State Corporation Commission Approves
Dominion Resources, CNG Merger
RICHMOND, Va. – The Virginia State Corporation Commission
(SCC) has approved the merger of Dominion Resources Inc. (NYSE: D) and Consolidated
Natural Gas Company (NYSE: CNG), the companies announced.
Thos. E. Capps, chairman, president and chief executive officer
of Dominion Resources, and George A. Davidson Jr., chairman and chief executive
officer of CNG, said in a joint statement:
"Last Friday’s approval by the SCC on Sept. 17 is a significant
step forward in our plans to create the nation’s largest fully-integrated electric
and natural gas company. The combination of Dominion Resources and CNG will
provide significant competitive benefits to energy consumers in the Commonwealth
and throughout the entire northeastern quadrant of the U.S."
The companies expect to have all regulatory approvals by
year end.
The merger has been endorsed by regulators in Ohio, Pennsylvania
and West Virginia and by shareholders of both companies. Approvals by the North
Carolina pubic utility commission and various federal agencies are expected
this fall.
