Business Services Industry
SEC Approves Initial Public Offering By Kansas City, Mo.-Based Gas Marketer.
Knight Ridder/Tribune Business News, April, 2001
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Apr. 6--The Securities and Exchange Commission has approved an initial public offering of stock by UtiliCorp United Inc.'s Aquila subsidiary.
UtiliCorp United said it planned to complete the sale this month of about 20 percent of Aquila's shares. The offering price is expected to be $21 to $23 a share. The rest of Aquila's shares will be distributed -- tax-free -- to UtiliCorp shareholders later this year.
Aquila, based in Kansas City, is one of the country's largest wholesale marketers of natural gas and electricity. UtiliCorp said it would use the proceeds from the stock offering to offset what it is owed by Aquila. At $22 a share, the offering would generate...
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