Wednesday, May 26, 1999 | 11:03 a.m.
The Commission will hold a public hearing on the merger Thursday at the Sawyer Building, 555 E. Washington Ave., Suite 4500. The hearing will begin at 6:30 p.m. Consumers will be invited to voice their views on the merger, or on any other aspect of their gas service. Commissioner Don Soderberg is scheduled to attend.
Southwest has 400,000 customers in Nevada.
Southwest and ONEOK first announced their intention to merge in December, and filed for Nevada approval in February. The companies say the merger will lead to significant operating efficiencies, which will result in cost reductions and savings of $26 million a year by 2002. The merged company would be the largest stand-alone natural gas utility in the United States, with 2.6 million customers in California, Nevada, Arizona, Kansas and Oklahoma.
ONEOK has offered to pay $30 a share for Southwest, or $1.8 billion. Southwest is also facing a hostile takeover bid by Southern Union of Austin, Texas. That company has offered $33.50 per share, or $1.88 billion, but Southwest doubts Southern Union could come up with financing in a timely manner.
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