Tue, Apr. 12, 9:58 AM
- Emera (OTCPK:EMRAF) reached a settlement yesterday with groups in New Mexico, including the state’s attorney general, on its $6.5B takeover of Teco Energy (TE +0.5%), bringing the deal first announced last September another step closer to completion.
- Emera agrees not to seek a base rate increase before Dec. 31, 2017, will evaluate a pipeline project that would increase the state’s gas-export capacity to Mexico, and plans to establish a $10 M matching fund to extend gas systems in underserved communities.
- New Mexico's Public Regulation Commission is scheduled to consider the merger proposal next month.
Thu, Feb. 25, 9:14 AM
- Cleco (NYSE:CNL) -2.7% premarket, on top of yesterday's 9.4% plunge, after Louisiana's Public Service Commission rejected a $4.9B proposed takeover by a Macquarie-led (OTC:MCQEF) investor group, saying the deal was not in the best interest of customers.
- Among their objections, commissioners cited the purchase by Australian and Canadian investors who planned to sell the utility in 8-10 years, and the “double leverage” method of financing the transaction that left open the possibility that CNL customers could be on the hook for the debt.
- The rejection comes as foreign buyers including Fortis (OTCPK:FRTSF) and Emera (OTCPK:EMRAF) are seeking approval to take over U.S. power companies, and the CNL ruling may hurt the chances of future acquisitions by non-U.S. companies.
- Shares are downgraded to Sell from Neutral at Ladenburg Thalmann on the news.
Sep. 8, 2015, 6:42 PM
- Company officials say they expect TECO Coal will not be a part of TECO Energy (NYSE:TE) when Emera Energy's (OTCPK:EMRAF) $10.4B deal to buy the utility company closes in mid-2016.
- "Emera and TECO both agree that we need to exit the coal business, and our expectation is that's going to happen sooner rather than later," TE CEO John Ramil said during a conference call earlier today.
- TE shares jumped 25% in today's trade in reaction to the acquisition, announced after Friday's close.
Sep. 4, 2015, 5:14 PM
- TECO Energy (NYSE:TE) +24.1% AH after agreeing to be acquired by Canada-based energy company Emera (OTCPK:EMRAF) in a $10.4B deal, including $3.9B of debt.
- The $27.55/share price is a 30% premium over today's closing price and a 48% premium based on TE's unaffected closing stock price on July 15, the last trading day prior to news reports regarding the company's strategic review.
- The companies say the merger creates a North American energy leader with more than $20B of assets and more than 2.4M electric and gas customers.