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Gas News Release
June 8, 1999
Dominion Resources, CNG File for FERC Approval of Merger
RICHMOND, Va., and PITTSBURGH - Dominion Resources Inc.
(NYSE:D) and Consolidated Natural Gas Co. (NYSE: CNG) have filed with the Federal
Energy Regulatory Commission (FERC) for approval of their previously announced
merger plan. With yesterday's submission, the companies have completed all regulatory
filings necessary for approval of the merger.
The companies stated in the joint filing that the merger
plan satisfies requirements of Section 203 of the Federal Power Act. FERC must
approve the transfer of the power marketing subsidiaries of CNG to Dominion
Resources under Section 203.
In addition to filing with FERC, the companies have completed
merger filings with the U.S. Securities and Exchange Commission (SEC) and with
public utility commissions in Virginia, North Carolina, Pennsylvania and West
Virginia. No formal filing is required in Ohio.
In a joint statement, Thos. E. Capps, chairman, president
and chief executive officer of Dominion Resources, and George A. Davidson, chairman
and chief executive officer of CNG, said:
"Dominion Resources and Consolidated Natural Gas are
well on track to have in hand all regulatory approvals this autumn. We anticipate
no delays and expect to complete our merger by year's end."
The companies expect the SEC to act on the merger plan after
it has been approved by the four states. Quick consideration by the SEC is anticipated
because of Dominion Resources' previously announced decisions to divest Dominion
Capital, its financial services subsidiary, and to register as a holding company
under the Public Utility Holding Company Act of 1935.
The companies also have filed information on the merger with
the U.S. Department of Justice as required by the Hart-Scott-Rodino Act.
Stockholders of both companies are scheduled to vote on the
proposed merger on June 30.
In February, Dominion Resources, based in Richmond, Va.,
and CNG, based in Pittsburgh, signed a definitive merger agreement to create
the nation's largest fully-integrated electric and natural gas company.
CONTACTS:
Dominion Resources Media: Mark Lazenby 804-819-2042, Hunter
Applewhite 804-819-2043
Analysts: Tom Wohlfarth 804-819-2150, Suzette Matta 804-819-2154
Consolidated Natural Gas Media: Chet Wade 412-690-1361, Dan
Donovan 412-690-1370
Analysts: Jim Garrett 412-690-1485, Dan Zajdel 412-690-1241
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