EL PASO ACQUISITION TO CREATE COAST TO COAST GAS SYSTEM

El Paso Energy Corp.'s acquisition last month (June 1996) of Tenneco Energy, Houston, marks another megamerger in the evolution of U.S. gas and power markets. The combination will create the only pipeline system in the U.S. capable of Shipping natural gas to the East or West coasts. The deal, worth an estimated $4 billion when concluded later this year, will create the third largest interstate gas pipeline system in the U.S. Combined assets will total about $8 billion. The transaction has been approved by El Paso and Tenneco boards of directors. Conclusion of the deal hinges on receipt of tax rulings and opinions declaring the spinoffs and subsequent merger tax-free, completion of a debt realignment by Tenneco, government approvals, and approval of Tenneco shareholders.

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  • Corporate Authors:

    PennWell Publishing Company

    1421 South Sheridan, P.O. Box 1260
    Tulsa, OK  United States  74101
  • Publication Date: 1996-7-1

Language

  • English

Media Info

  • Features: Figures;
  • Pagination: p. 44
  • Serial:
    • Oil and Gas Journal
    • Volume: 94
    • Issue Number: 27
    • Publisher: PennWell Publishing Company
    • ISSN: 0030-1388

Subject/Index Terms

Filing Info

  • Accession Number: 00724651
  • Record Type: Publication
  • Files: TRIS
  • Created Date: Aug 5 1996 12:00AM