Dominion Resources Accelerates Stock Buyback
Program
RICHMOND, Va. - Dominion Resources (NYSE: D) is repurchasing
common stock under an Accelerated Share Repurchase agreement that it has signed
with a major financial institution during the final stages of its merger with
Consolidated Natural Gas (NYSE: CNG).
Under terms of the confidential agreement, the undisclosed
financial institution will act as an intermediary.
Thomas N. Chewning, executive vice president and chief financial
officer, said:
"This transaction will increase our per-share earnings
on an accelerated timeline compared to other forms of repurchase. Through this
transaction, all shares repurchased will be retired right away. Further, this
latest step to build shareholder value also sends a strong signal to the market
that we are committed to being buyers of our stock after the close of the merger."
The merger is expected to close early in the first quarter
of 2000.
