DPUC Draft Decision Approves Aquarion Merger With Kelda Group plc.BRIDGEPORT, Conn.--(BUSINESS WIRE)--Nov. 4, 1999-- The Connecticut Department of Public Utility Control (DPUC DPUC Department of Public Utility Control (Connecticut) ) in a draft decision issued today approved the joint application of Kelda Group plc, of Leeds, England, and Aquarion Company (NYSE NYSE See: New York Stock Exchange :WTR WTR Water WTR Writer WTR Wait To Restore WTR Wireless Technology Research WTR Walker, Texas Ranger (TV show) WTR Western Test Range WTR With-The-Rule Astigmatism WTR Working Time Regulation (UK) ) for a change in control to Kelda. "We are pleased with this draft DPUC decision and its recognition of Kelda's international water supply and wastewater treatment experience, which we believe will bring significant benefits to our customers," said Richard K. Schmidt, Aquarion President and Chief Executive Officer. Aquarion Company's principal business is public water supply. Through its BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. and Sea Cliff Water Company subsidiaries, it is one of the 10 largest investor-owned water utilities in the U.S. and serves 141,000 customers, or a population of more than 500,000, in 30 Connecticut and Long Island, NY communities. Other businesses include real estate through the sale of surplus water company land, and contract management of municipal water systems. Aquarion also owns a timber processing company. Background - On June 1, 1999, the Boards of Directors of Aquarion Company and Kelda Group plc jointly announced they had approved an agreement whereby Kelda would acquire all of the outstanding shares of Aquarion Company for $37.05 per share. As a result, Aquarion will be merged as a subsidiary of Kelda. After the merger, Aquarion will maintain its corporate identity. On September 21, 1999, Aquarion shareholders approved the transaction. In addition to the Connecticut DPUC issuing its final decision, which is scheduled for December 1, 1999, the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Public Service Commission (PSC (Public Service Commission) Same as PUC. ) is currently considering the merger's approval. The companies have requested a December decision. It is anticipated the merger will close in early 2000. Kelda Group plc has annual revenues of $1.1 billion and operates in the United Kingdom and Europe with approximately 4500 employees. Its water and sewerage services businesses, Yorkshire Water Services, provide drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. to approximately 1.9 million customers, or a population of 4.5 million, in the county of Yorkshire, England. Yorkshire Water Services supplies its customers with 350 million of gallons of water daily, treated at 112 water treatment facilities. |
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