Mergers & Acquisitions
Joint Ventures. The Federal Trade Commission, in consultation with the Antitrust Division of the U.S. Department of Justice, issued draft antitrust guidelines for "collaborations among competitors" that will apply to a wide range of joint ventures and strategic alliances other than actual mergers.
Such collaborations would include R&D efforts, information sharing and joint efforts in marketing, distribution, sales or purchasing, plus various types of trade association activities. File No. 971201, Oct. 1, 1999 (F.T.C.), published at 64 Fed. Reg. 54,484, Oct. 6, 1999.
Dominion Resources + CNG. North Carolina OK'd the merger of Dominion Resources Inc. and Consolidated Natural Gas Co., marking the final required approval by a state PUC, though the case is still pending before federal agencies.
State regulators told the companies to amend their merger application before the U.S. Securities and Exchange Commission to add language to "strongly encourage" the SEC to preserve state authority to review intercorporate allocations. Docket No. E-22, Sub 380, Oct. 18, 1999 (N.C.U.C.).
AEP + CSW. In light of the new electric competition law passed in Ohio this summer, the PUC closed its docket for review of the merger between American Electric Power Co. and Central and South West Corp. It agreed to postpone consideration of public interest issues resulting from the merger until it reviews company-specific transition plans to be filed later. Case No. 98-113-EL-MER, Oct. 21, 1999 (Ohio P.U.C.).
PacifiCorp + Scottish Power. Regulators in Oregon and Washington OK'd the PacifiCorp-Scottish Power plc merger - the second and third states out of six needed for approval - with the matter still pending in Utah, Wyoming and Idaho.