Gaz Métro : actualités

[jesseps]

Gaz Métro of Canada offered $35.25 a share for Central Vermont Public Service on Thursday, trumping a bid by Fortis last month.

 

The deal would expand Gaz Métro’s presence in Vermont. It already owns Green Mountain Power, another Vermont utility, through its subsidiary, Northern New England Energy. Gaz Métro’s said it would combine the two businesses, creating the largest electricity distributor in Vermont, with 250,000 customers.

 

“Gaz Métro’s proposal provides significant benefits to the Vermont community, including substantial cost savings to customers, a focus on keeping local jobs and promotion of green investment,” Sophie Brochu, Gaz Métro’s chief executive, said in a statement, adding that the deal would provide “additional value” to the shareholders of Central Vermont Public Service.

 

In May, the Canadian power company Fortis offered $35.10 a share for Central Vermont Public Service. The price represented a 44 percent premium to the stock’s closing price the previous week.

 

The bidding war comes amid an industrywide consolidation. Companies increasingly are looking for scale to combat weak demand growth and rising regulatory costs.

 

This year, utilities in the United States have announced $44 billion of deals. That compares with $30 billion in all of 2010, according to Thomson Reuters.

 

Todd A. Shipman, a credit analyst at Standard & Poor’s, anticipates the number of publicly traded utilities could shrink from roughly 50 to 25 over the next five years.

 

BMO Capital Markets and the law firm Osler, Hoskin & Harcourt are advising Gaz Métro.

 

(Courtesy of NYT Dealbook)

 

The Montreal-based Gaz Metro has owned GMP since 2007. Gaz Metro has owned Vermont Gas Systems since 1986.

 

CVPS, which has about 160,000 customers across Vermont, said it would review the offer. GMP has about 96,000 customers.

 

(Courtesy of Forbes)

 

 

Wow... I thought the Fortis-CVPS was a done deal. Nice to see Gaz Metro wants to buy another company, seeing they already own Green Mountain Power. GMP-CVPS merger under Gaz Metro would be interesting to see. In wikipedia if says those two companies serve 80% of Vermont's households. On top of that Hydro-Quebec also supplies electricity to Vermont and other New England states, so it seems if Gaz Metro offer does happen and they take Fortis out of the picture, guess Vermont will be truly Canadian or Quebeçois. So Vermont is unofficially like Canada's 11th province?

Modifié 23 juin 2011 par jesseps

[ChrisDVD]

C'est bien de voir des compagnies Québécoises,comme Couche Tard, Lalonde, et Gaz Métro, acheter d'autres compagnies étrangères!

[Cyrus]

(Courtesy of NYT Dealbook)

 

 

 

(Courtesy of Forbes)

 

 

Wow... I thought the Fortis-CVPS was a done deal. Nice to see Gaz Metro wants to buy another company, seeing they already own Green Mountain Power. GMP-CVPS merger under Gaz Metro would be interesting to see. In wikipedia if says those two companies serve 80% of Vermont's households. On top of that Hydro-Quebec also supplies electricity to Vermont and other New England states, so it seems if Gaz Metro offer does happen and they take Fortis out of the picture, guess Vermont will be truly Canadian or Quebeçois. So Vermont is unofficially like Canada's 11th province?

 

I don't know if it is very good for them to own so much of the grid in VT but I don't know how deregulated it is... if it is Alberta style then probably fine.

[jesseps]

Gaz Métro to acquire Central Vermont Public Service

 

Here is an interesting article about Gaz Metro / Vermont: http://www.timesargus.com/article/20110712/THISJUSTIN/707129905/1003/NEWS02

 

Gaz Métro, which owns Green Power through a subsidiary, Northern New England Energy, plans to combine Central Vermont and Green Power to create a utility that will serve more than 250,000 customers across the state. The combination is expected to save customers an estimated $144 million through efficiencies and increased buying power over the next decade, the companies said.

(Courtesy of NYT)

 

Thanks monctezuma for combing all the threads

Modifié 12 juillet 2011 par jesseps

[monctezuma]

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[AlexGagne]

Is it a Gaz Métro thread ?

[jesseps]

Is it a Gaz Métro thread ?

Yes it is. Got any interesting news?