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10 October 2006 -- WPS Resources Corp. and Peoples Energy Corp. announced the organizational structure for the proposed combined company and the managers who will fill top positions. The companies announced the signing of a definitive merger agreement on July 10, 2006, and expect the transaction to close in the first calendar quarter of 2007, subject to necessary regulatory and shareholder approvals.
The organizational structure for the new company is built around the holding company, the operating companies and a services group that will provide support services to the holding company and operating companies.
The Holding Company will oversee the entire organization, take the new name, and be listed on the New York Stock Exchange.
The Operating Companies are the following: - Peoples Energy Production, which will acquire onshore reserves, primarily natural gas, with upside potential in a limited number of strategic basins.
- The NewCo Gas Group, including Peoples Gas, North Shore Gas, Minnesota Energy Resources Corp., and Michigan Gas Utilities Corporation. Other functions within this subsidiary include gas services and customer relations.
- Wisconsin Public Service Corporation (WPSC), including Upper Peninsula Power Company (UPPCO) and the following functional areas: energy supply generation, energy delivery, fuels management, generation planning, energy supply and control, transmission and major projects.
- The NewCo Non-Regulated Group, including WPS Energy Services, Inc., Peoples Energy Services Corp., and Peoples Energy Resources Corp.
Finally, the new services group comprises the services company, ServCo LLC, which will provide central support services such as human resources, finance, and legal to the subsidiaries and to the holding company; and the external affairs group, which will oversee regulatory, government relations and community affairs, and corporate communications.
The managers of the operating branch of management include: - President, Peoples Energy Production: Steve Nance
- President and Chief Operating Officer: NewCo Gas Group: Larry Borgard
- President of Wisconsin Public Service Corporation: Charlie Schrock
- President, NewCo Non-Regulated: Mark Radtke
- President, Peoples Gas; and President, North Shore Gas: Desiree Rogers
- President, Minnesota Energy Resources Corp.: Chuck Cloninger
- President, Michigan Gas Utilities Corp.: Gary Erickson
Following the close of the transaction, James R. Boris, the current lead director for Peoples Energy, will serve as non-executive chairman of the board. Thomas M. Patrick, chairman, president and CEO of Peoples Energy, earlier this year announced his intention to retire once the transaction is completed.
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