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  • Jun. 24, 2015, 4:47 PM
    • Wisconsin Energy's (NYSE:WEC) planned acquisition of Integrys Energy (NYSE:TEG) wins approval from the Illinois Commerce Commission, the final regulatory decision needed to complete the $9.1B takeover.
    • The approval is conditional on more than 40 items being met, including a two-year rate freeze for consumers and continued oversight of the troubled program by Peoples Gas to replace ~2K miles of aging pipes under Chicago streets.
    • Wisconsin, Michigan and Minnesota regulators already approved the deal.
    | Jun. 24, 2015, 4:47 PM
  • Jun. 12, 2015, 4:53 PM
    • The Minnesota Public Utilities Commission approves Wisconsin Energy's (NYSE:WEC) $9B purchase of Integrys Energy (NYSE:TEG), and declines to require that Minnesota utility customers be awarded bill refunds or credits proposed by the state attorney general's office.
    • WEC has now received approval from utility regulators in Wisconsin, Michigan and Minnesota as well as several federal agencies, and the deal needs one more yes vote - in Illinois - to be completed, where the AG is expected to argue next week that the merger should not be approved unless the state takes more steps to protect Chicago residents in light of a multibillion-dollar gas main replacement project there.
    | Jun. 12, 2015, 4:53 PM | 1 Comment
  • May 21, 2015, 4:47 PM
    • Wisconsin's Public Service Commission gives formal approval for Wisconsin Energy's (NYSE:WEC) $9.1B acquisition of Integrys (NYSE:TEG), with some conditions.
    • With today's approval and last month's OK from the Michigan Public Service Commission, only Illinois and Minnesota state approvals remain outstanding.
    • The deal would create one of the largest natural gas utilities in the U.S., expanding the Wisconsin-focused utility's presence in Michigan and allowing it to enter Illinois and Minnesota.
    | May 21, 2015, 4:47 PM
  • Jan. 13, 2015, 5:34 PM
    • Wisconsin Energy (NYSE:WEC) will sell its Upper Peninsula power plant and Michigan utility business under an agreement announced today by the Michigan governor's office, clearing a hurdle for WEC to pursue its $9.1B acquisition of Integrys Energy (NYSE:TEG).
    • WEC would sell its Upper Peninsula utility business to Upper Peninsula Power Co., including the coal-fired power plant it operates on Lake Superior in Marquette, Mich., while retaining 10 hydroelectric dams but selling its utility operations to UPPCo.
    • Other elements of the plan call for Cliffs Natural Resources (NYSE:CLF), the operator of two iron ore mines in the Upper Peninsula, to buy power from UPPCo until the Presque Isle coal plant shuts down in about five years.
    | Jan. 13, 2015, 5:34 PM
  • Jun. 23, 2014, 7:16 AM
    • Wisconsin Energy (WEC) purchases Integrys Energy (TEG) in a transaction valued at $9.1B.
    • Under the terms of the deal, the total consideration for shareholders is valued at $71.47 per Integrys share.
    • The companies expect the deal to close in the summer of 2015.
    • TEG +3.0% premarket to $62.78.
    | Jun. 23, 2014, 7:16 AM | 7 Comments
  • Mar. 4, 2014, 10:43 AM
    • Utilities that meet takeover criteria outlined by Warren Buffett this weekend for another “major” acquisition after paying more than $5B last year for electricity provider NV Energy include Wisconsin Energy (WEC +1.8%) and Alliant Energy (LNT +1.1%), Bloomberg speculates.
    • WEC and LNT operate in states with favorable regulatory environments, and LNT is expanding into renewable energy, which Buffett has signaled could be a focus for large investments, according to Morningstar; pipeline MLPs such as Plains All American (PAA) and MarkWest Energy (MWE) also could appeal to Buffett, a Baird analyst says.
    • Berkshire Hathaway (BRK.A, BRK.B) “is likely looking at a lot of small, regulated utilities that have a lot of growth on the table where his low cost of capital is an incredible advantage,” Morningstar's Mark Barnett says.
    | Mar. 4, 2014, 10:43 AM | 13 Comments
  • Dec. 7, 2011, 9:41 AM

    Alliant Energy's (LNT +1.4%) recent moves to revise provisions for executive pay and employee retirement plans in case of a takeover sparks speculation that the operator of power plants in Wisconsin and Iowa could sell itself to Berkshire Hathaway (BRK.A) or Wisconsin Energy (WEC).

    | Dec. 7, 2011, 9:41 AM