Traverse City Record-Eagle

Business

June 24, 2014

Business in Brief: 06/24/2014

Gas prices fall 9 cents over past week

DEARBORN — AAA Michigan says gasoline prices have fallen about 9 cents during the past week to a statewide average of about $3.87 per gallon.

The auto club says Monday that the drop came after prices rose for four weeks in a row, but the average is up about 15 cents from this time last year.

Of the cities it surveys, AAA Michigan says the cheapest price for self-serve unleaded fuel is in the Grand Rapids, Muskegon and Holland areas, where it’s about $3.78 a gallon. The highest average is in the Detroit area at about $3.93 a gallon.

Wisconsin Energy to buy Integrys for $5.8B

MILWAUKEE — Wisconsin Energy Corp. is buying Integrys Energy Group Inc. for about $5.8 billion in cash and stock to form a more diverse Midwest electric and natural gas delivery company.

The combined company will be called WEC Energy Group Inc. and serve more than 4.3 million total gas and electric customers across Wisconsin, Illinois, Michigan and Minnesota.

The transaction will combine Wisconsin Energy’s electric and gas utility, We Energies, with Integrys’ electric and gas utilities, Wisconsin Public Service, Peoples Gas, North Shore Gas, Minnesota Energy Resources and Michigan Gas Utilities.

WEC Energy will hold a 60 percent stake in American Transmission Co.

Under the deal announced Monday, Integrys stockholders will receive 1.128 Wisconsin Energy shares and $18.58 in cash for each share they own. That amounts to $71.47 per Integrys share, a 17 percent premium to the company’s Friday closing stock price of $60.95. The payout will be 74 percent in stock and 26 percent in cash.

Wisconsin Energy and Integrys put the transaction’s total value at $9.1 billion including the assumption of $3.3 billion in debt.

Shareholders of Chicago-based Integrys will own approximately 28 percent of the combined company. Integrys shares surged $8.24, or 13.5 percent, to $69.19 in morning trading. Wisconsin Energy shares slipped 86 cents, or 1.8 percent, to $46.03.

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