Federal Trade Commission Approves Dominion
Resources, CNG Merger
RICHMOND, Va. -- The Federal Trade Commission (FTC) today
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:
"We are very pleased to have a critical federal approval
for the merger in hand and in line with our estimated schedule of approvals.
The finish line is clearly in sight, and we are pressing on full-steam to bring
the competitive advantages of America’s premier gas and electric company to
the energy consumers of Virginia and the northeast quarter of the U.S."
The merger has been approved by regulators in Virginia,
Pennsylvania, Ohio, North Carolina and West Virginia. Still pending are approvals
by the Federal Energy Regulatory Commission and the Securities and Exchange
Commission, which are expected by year end. The merger is expected to close
in the first quarter of 2000.
A summary of today’s action will be published in the Federal
Register. The action will be subject to public comment until December 7, after
which the Commission will decide whether to make it final.
