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Virginia Power's Parent Firm to Merge with Virginia Natural Gas.
Knight Ridder/Tribune Business News, February, 1999 by Glynn, Matt
Knight Ridder/Tribune Business News
Feb. 23 -- The parent companies of Virginia Power and Virginia Natural Gas announced Monday that they will merge, creating the nation's fourth-largest electric and natural gas utility.
Richmond-based Dominion Resources Inc., which owns Virginia Power, views its acquisition of Consolidated Natural Gas Co. as a way to strengthen itself for competition in a deregulated energy industry.
Dominion will buy Consolidated for $6.3 billion in stock, giving Consolidated stockholders a 43 percent stake in the combined company. Dominion would exchange 1.52 shares of its stock for each Consolidated share, representing a premium of 25 percent over Consolidated's average closing stock price in the past 20 trading days....
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