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July 16, 2014
08:31 EDTUILUIL CEO says still pursuing Philadelphia Gas Works acquisition
UIL CEO James Torgerson said, “Today, Wednesday July 16, is the first day that UIL can terminate its agreement to acquire the operations of the Philadelphia Gas Works. UIL may now exit this deal at any time while the matter is pending before the City Council. We have decided to continue our efforts to pursue this acquisition and become a new business partner in the City of Philadelphia. UIL remains ready to assist Council in its assessment of the sale including the essential public dialogue of what we believe is a valuable economic opportunity for the City of Philadelphia. UIL will continue to evaluate the situation and take additional actions as appropriate.”
News For UIL From The Last 14 Days
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October 28, 2014
17:12 EDTUILUIL Holdings commented Philadelphia City Council's decision
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12:00 EDTUILUIL Holdings estimates modestly lowered at Wells Fargo after PGW deal blocked
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11:55 EDTUILPhiladelphia City Council says risks of UIL acquisition of PGW outweigh benefits
Philadelphia's City Council announced last night that it informed Mayor Michael Nutter that the council has concluded that the financial and public policy risks associated with the Philadelphia Gas Works, or PGW, sale proposal outweighed the stated benefits to the City of Philadelphia and PGW customers. In reviewing the Administration’s proposed sale to UIL Holdings (UIL), City Council found that the permanent loss of PGW’s annual $18M payment to the City substantially drops the net benefit of the proposed transaction down to the $200M-$400M range, rather than $400M-$600M as stated by the Administration, the council stated.

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