Firms' shareholders approve Westar's sale to Great Plains

By The Associated Press

Stockholders have approved the $12.2 billion sale of Topeka-based electric company Westar Energy to Missouri-based Great Plains Energy.

 

TOPEKA, Kan. (AP) — Stockholders have approved the $12.2 billion sale of Topeka-based electric company Westar Energy to Missouri-based Great Plains Energy.

Both companies reported Monday that participating shareholders overwhelmingly approved the deal. Westar had a special meeting in Topeka and Great Plains had one in Kansas City, Missouri, to finish the voting.

Each firm said the holders of more than 60 percent of their shares participated, and the owners of 95 percent or more of that stock approved the sale.

Federal and state regulators also must sign off. The companies hope to complete the sale next spring.

The companies have said combining the two would create efficiencies and keep consumers' rates in check. Westar stockholders would receive $51 in cash and $9 in Great Plains stock for each share.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs