MONTREAL, Sept. 30, 2011 /CNW Telbec/ - Valener Inc. ("Valener"), which
owns an economic interest of approximately 29% in Gaz Métro Limited
Partnership ("Gaz Métro"), announces that Gaz Métro welcomes the
decision by the shareholders of Central Vermont Public Service
Corporation (NYSE: CV) ("CVPS") who accepted, by a very strong
majority, the sale of the company to Gaz Métro at a meeting held on
Thursday morning. This milestone was one of the essential steps to
completing the purchase of CVPS.
"We are very pleased that the CVPS shareholders have clearly approved
our purchase proposal. This is an important milestone in the sale
process. We are confident of obtaining the additional approvals needed
to conclude this acquisition by next spring or summer. The transaction
provides benefits for all stakeholders: Vermont customers, CVPS'
shareholders and Gaz Métro's unitholders," declared Pierre Despars,
Executive Vice President, Corporate Affairs and Chief Financial Officer
of Gaz Métro.
We remind readers that the agreement, announced on July 12, 2011,
provides significant benefits for customers, communities, employees and
shareholders, including customer savings in the order of US$144 million
over 10 years. CVPS shareholders will receive US$35.25 per common share
when the transaction closes.
Earlier this week, CVPS and Gaz Métro received approval from the Federal
Trade Commission to proceed with the transaction, which also requires
other regulatory approvals, including those of the Federal Energy
Regulatory Commission (FERC) and the Vermont Public Service Board.
These approvals should be secured by the spring or summer of 2012.
Once the transaction is concluded, CVPS and Green Mountain Power
Corporation will combine their activities to form one stronger utility
for Vermont residents. The company thus formed will be owned by
Northern New England Energy Corporation, a wholly owned subsidiary of
Gaz Métro, just like Vermont Gas Systems and Portland Natural Gas
Overview of Valener
Valener owns an economic interest of approximately 29% in Gaz Métro.
Valener therefore has a stake in the energy industry and benefits from
Gaz Métro's diversified profile, both in terms of geography and
business segment. Valener also owns an indirect interest of 24.5% in
the wind power projects jointly developed by Beaupré Éole General
Partnership and Boralex Inc. on the private lands of Séminaire de
Québec. Valener may also pursue its own development projects and
acquisition strategies subject to a non-competition agreement in favour
of Gaz Métro and to applicable limitations under its credit facility.
Valener's common shares are listed on the Toronto Stock Exchange under
the "VNR" trading symbol. www.valener.com
Overview of Gaz Métro
With over $3.5 billion in assets, Gaz Métro is Quebec's leading natural
gas distributor. Its 10,000-kilometer network serves 300
municipalities. Active in this regulated industry since 1957, Gaz Métro
is the trusted energy provider of customers in Quebec and Vermont who
choose natural gas for its competitive price, efficiency, comfort and
environmental benefits. Gaz Métro is also active in the electricity
distribution market and is involved in natural gas transportation and
storage, as well as the development of projects in areas such as wind
power generation, natural gas fuel for the transportation industry, and
biomethanation. Gaz Métro is committed to the satisfaction of its
customers, partners (Gaz Métro inc. and Valener Inc.), employees and
the communities in which it operates. www.gazmetro.com
Cautionary note regarding forward-looking statements
Certain statements contained in this press release may be
forward-looking pursuant to applicable securities laws. Such
forward-looking statements reflect Valener or Gaz Métro's view with
respect to the acquisition of CVPS. Forward-looking statements involve
known and unknown risks and uncertainties and other factors outside
Valener or Gaz Métro's control. A number of factors could cause the
acquisition of CVPS to differ materially from the current expectations
as expressed in the forward-looking statements.
Although these forward-looking statements are based upon what Valener or
Gaz Métro believe to be reasonable assumptions, Valener or Gaz Métro
cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements are
made as of the date of this press release, and Valener or Gaz Métro
assume no obligation to update or revise them to reflect new events or
circumstances, except as required pursuant to applicable securities
laws. You are cautioned not to place undue reliance on these
SOURCE VALENER INC.
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