pnm terminates merger with western resources executive news :
pnm terminates merger with western resources
albuquerque , n . m . - based pnm resources announced tuesday its board had
officially killed the proposed deal to buy western resources ' electric
utility subsidiaries . the deal , originally valued at over $ 4 billion , had
been in trouble for months , and each side sued the other in state court in
new york . pnm said the merger could be terminated after dec . 31 under the
terms of the deal , if there had not been satisfactory progress made towards
completing the transaction . but western has disputed that pnm had grounds to
back out of the deal . pnm sued western in october seeking to get out of the
deal alleging breach of contract , in part because of adverse rulings from
the kansas corporation commission ( kcc ) on rates and a western restructuring
plan considered vital to the transaction .
western fired back with its own lawsuit a month later , seeking at least $ 650
million in damages against pnm for alleged extortion , breach of contract ,
sabotage and improper interference in the kcc proceedings . neither case has
been decided , although pnm has asked the court to either dismiss western ' s
case or delay action on it until after it has decided pnm ' s initial suit .
western also has appealed the kcc order blocking a planned restructuring in
preparation for the pnm transaction to a kansas district court . western
fired back with its own lawsuit a month later , seeking at least $ 650 million
in damages against pnm for alleged extortion , breach of contract , sabotage
and improper interference in the kcc proceedings . neither case has been
decided , although pnm has asked the court to either dismiss western ' s case
or delay action on it until after it has decided pnm ' s initial suit . western
also has appealed the kcc order blocking a planned restructuring in
preparation for the pnm transaction to a kansas district court .
pnm terminates merger with western resources
executive news :
pnm terminates merger with western resources
albuquerque , n . m . - based pnm resources announced tuesday its board had
officially killed the proposed deal to buy western resources ' electric
utility subsidiaries . the deal , originally valued at over $ 4 billion , had
been in trouble for months , and each side sued the other in state court in
new york . pnm said the merger could be terminated after dec . 31 under the
terms of the deal , if there had not been satisfactory progress made towards
completing the transaction . but western has disputed that pnm had grounds to
back out of the deal . pnm sued western in october seeking to get out of the
deal alleging breach of contract , in part because of adverse rulings from
the kansas corporation commission ( kcc ) on rates and a western restructuring
plan considered vital to the transaction .
western fired back with its own lawsuit a month later , seeking at least $ 650
million in damages against pnm for alleged extortion , breach of contract ,
sabotage and improper interference in the kcc proceedings . neither case has
been decided , although pnm has asked the court to either dismiss western ' s
case or delay action on it until after it has decided pnm ' s initial suit .
western also has appealed the kcc order blocking a planned restructuring in
preparation for the pnm transaction to a kansas district court . western
fired back with its own lawsuit a month later , seeking at least $ 650 million
in damages against pnm for alleged extortion , breach of contract , sabotage
and improper interference in the kcc proceedings . neither case has been
decided , although pnm has asked the court to either dismiss western ' s case
or delay action on it until after it has decided pnm ' s initial suit . western
also has appealed the kcc order blocking a planned restructuring in
preparation for the pnm transaction to a kansas district court .