National Grid Group PLC
19 January 2001
Friday 19 January 2001
Niagara Mohawk shareholders approve acquisition by National Grid
The shareholders of Niagara Mohawk today overwhelmingly approved its proposed
acquisition by National Grid Group (National Grid). National Grid shareholders
will vote on the acquisition at an Extraordinary General Meeting on 29 January
2001.
National Grid and Niagara Mohawk announced on 5 September 2000 that, subject
to the required approvals, National Grid would acquire all the outstanding
shares of Niagara Mohawk valued at approximately $3.0 billion.
National Grid and Niagara Mohawk filed, on 17 January 2001, a petition with
the New York Public Service Commission (NYPSC) seeking approval of the
acquisition, including the companies' proposal for electricity delivery prices
following the merger. The acquisition is expected to be completed by late 2001
following receipt of the NYPSC and other necessary approvals.
The NYPSC filing is available on the Niagara Mohawk website:
www.niagaramohawk.com.
Contact
Investors
Jill Sherratt +44 207 312 5781
mobile +44 7768 490807
Karen Shih (US) + 1 508 389 3176
Media
Samantha Cohen +44 207 312 5740
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