PNM Resources and Continental Energy Terminate Acquisition Agreement
Posted on: Wednesday, 23 July 2008, 09:01 CDT
PNM Resources and Continental Energy Systems have mutually agreed to terminate PNM Resources' pending acquisition of Cap Rock Energy, a regulated Texas electric distribution and transmission subsidiary of Continental.
The parties will focus their efforts on completing the pending acquisition by Continental of the natural gas business of PNM Resources' subsidiary, PNM.
In order to retain the Cap Rock business, the sale of which was always dependent on the closing of the PNM gas sale, Continental has agreed as part of the termination negotiations to pay PNM Resources $15 million, but only upon the closing of the PNM gas sale.
Jeff Sterba, chairman, president and CEO of PNM Resources, said: "The sale of the PNM gas operations remains on track, and we can now focus our complete attention on obtaining the New Mexico regulatory approval for that transaction."
Source: Datamonitor
Related Articles
- TXCO Resources Reports Record Third-Quarter Oil and Gas Sales; Updates Current Field Operations
- PNM Resources' New Mexico Utility Files for Electric Rate Increase
- PNM Resources Announces Second Quarter Results, Steps to Strengthen Financial Position
- TXCO Resources Reports Record Oil and Gas Sales In First Half; Updates Current Operations
- PNM Resources, Continental Energy Systems Terminate Agreement for Acquisition of Cap Rock Energy
- PNM Resources Reports Lower 2007 Earnings
- PNM Resources and Continental Energy Systems Announce Agreements for Utility Asset Sale and Acquisition
- PNM Resources Reports 3rd Quarter Earnings
- PNM Resources-Cascade Joint Venture Agrees to Buy Houston-Area Plant
 |
 |
User Comments (0)
RSS Feeds