Energy

  • March 16, 2006

    EC Asserts Jurisdiction In Proposed E.On Merger

    The European Commission has affirmed that merger laws give it the authority to review the proposed takeover of Spain’s Endesa SA by Germany’s E.On AG. The same laws had prevented the EC from reviewing the proposed merger of Endesa and Barcelona-based Gas Natural last year.

  • March 16, 2006

    USG Seeks To Acquire Paper Mill for $18M

    Hoping to gain a competitive edge in the construction material industry, USG Corp. has asked a bankruptcy court to allow it to fund the $18 million purchase of a Michigan paper mill through a new subsidiary.

  • March 15, 2006

    E.U. Officials Divided Over Energy Regulator Proposal

    Amid a growing sensitivity to energy prices and national protectionism across the continent, the first full debate on whether the European Union should adopt a bid by the European Commission to instate a single regulator to oversee the country’s €250 billion electricity and natural-gas markets has left energy ministers divided.

  • March 13, 2006

    Oil Execs To Fuel Debate Over Antitrust Bill

    Senior oil executives are set to testify before the Senate Judiciary Committee on Tuesday about high oil and gas prices and competition in the industry, which are key parts of legislation proposed by Committee Chairman Arlen Specter, R-Pa.

  • March 13, 2006

    Enron Lawyer Grills Fastow About Validity Of Memo

    An attorney for Jeffrey Skilling, the former CEO of Enron Corp., continued his court room offensive against a key prosecution witness, questioning the legitimacy of a memo detailing improper side deals approved by Skilling designed to conceal company losses.

  • March 13, 2006

    Moscow Court To Hear Yukos Bankruptcy Case

    Despite Yukos’ attempts to wriggle out of bankruptcy, Moscow’s arbitration court has decided to open bankruptcy proceedings against the embattled oil giant in the wake of a petition filed by the company’s bank creditors.

  • March 10, 2006

    Class Action Suit Filed Against Global Construction Firm

    Chicago Bridge & Iron Co. N.V., the global engineering and construction firm, has been slammed with a class action lawsuit for accounting chicanery and misleading investors about its true financial status.

  • March 9, 2006

    Acadia Asks Court To Cut Deal With Calpine

    Tired of being dragged down by bankrupt power generator Calpine Corp., Acadia Power Partners LLC has asked a bankruptcy court to order Calpine to fork over $4.7 million or permit it to sell its power to other utilities.

  • March 8, 2006

    Monopoly Concerns Raised In French Energy Merger

    Gaz de France SA and Suez SA, the French energy companies currently involved in a blockbuster merger, will have to sell off some of their Belgian businesses to prevent monopolizing the country’s energy market, Belgium's prime minister said Wednesday.

  • March 8, 2006

    Ex-Enron CFO Sticks To Story Under Cross-Examination

    Enron Corp. chief executive Kenneth Lay lied over and over again about the company’s financial health, despite full knowledge of the energy giant’s impending doom, Enron’s former chief financial officer testified Monday.

  • March 6, 2006

    Former Enron Exec Admits He Lied To Feds

    The evidence continues to mount in the corruption trial of Enron founder Ken Lay and former chief executive Jeffery Skilling, as an ex-broadband unit executive told a jury on Monday that he lied to government regulators three years ago concerning the division’s financial outlook.

  • March 6, 2006

    Wary Of €22B Takeover Bid, Endesa Takes Aim

    In a bid to block a €22-billion takeover deal, Endesa, Spain's largest electricity supplier, has launched an attack against Gas Natural SDG SA in a U.S. federal court, alleging the company made false and misleading disclosures in its move to acquire Endesa.

  • March 3, 2006

    Calpine Rearranges Management, Naming New Chiefs

    In another step forward in its restructuring procedures, the new chief financial officer of bankrupt power producer Calpine Corp., Scott Davido, will also serve as the company’s chief restructuring officer, according to the company.

  • March 3, 2006

    Commission Orders France To Explain Role In Merger

    Investigating whether France illegally blocked an Italian utility company’s takeover bid, the European Commission ordered France to explain by March 17 the events that resulted in a merger between two French energy companies, Suez and Gaz de France.

  • March 2, 2006

    Stelco Reemergence Set For End Of March

    After a courtroom outburst last month, a bankruptcy court judge has extended steel company Stelco Inc.’s bankruptcy protection until the end of March.

  • March 2, 2006

    Enel Hopes For Investigation Into French Merger

    In an effort to prompt an investigation into a planned merger between two French energy giants, the Italian utility company Enel sent a memorandum to the European Commission Thursday.

  • March 2, 2006

    CMS To Pay $28M To Employees To Settle Suit

    Energy provider CMS Energy Corp. will pay $28 million to settle two consolidated class action lawsuits filed on behalf of beneficiaries of the company’s employee savings plan.

  • March 1, 2006

    SEC Halts Investigation Into Allegheny's Bookkeeping

    The utility company Allegheny Energy Inc. announced in its annual report that the Securities and Exchange Commission has completed its probe, which dates back to 2004, into the energy company’s accounting affairs.

  • March 1, 2006

    ABB's Asbestos-Related Reorganization Approved

    In a move that promises to shield ABB Ltd. from future asbestos litigation troubles, a bankruptcy court has approved the amended reorganization plan of the Swiss/Swedish engineering group’s U.S. subsidiary, Combustion Engineering.

  • February 28, 2006

    E.U. Mulls Suit Regarding French Takeover Policy

    The European Union is considering legal action against the French government amid complaints about inadequate responses to what the Commission charges is France’s protectionist behavior concerning foreign takeovers.