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Technology Stocks : CheckFree (CKFR) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Gintel who wrote (1054)	12/21/1997 10:10:00 PM
From: Cymeed	Respond to of 8545

(Off Thread) Sorry, Robert, I was indeed confused. How interesting, I use Primevera myself.

To: Robert Gintel who wrote (1054)	12/22/1997 1:18:00 PM
From: pat mudge	Read Replies (2) \| Respond to of 8545

AEP buys Central So. West Since CKFR has a contract with AEP, this merger appears to be a plus. Comments? <<<COLUMBUS, Ohio, Dec 22 (Reuters) - American Electric Power Co. Inc. said Monday it agreed to buy Central and South West Corp. for about $6.6 billion in stock, creating a utility with 4.6 million customers in 11 states. The companies said they would cut about 1,300 jobs, or 5 percent of their combined work force of 25,000, and expected to reap $2 billion in savings over the next decade from the job cuts and by slashing administrative expenses. The combined company will have $11 billion in annual revenues, selling power to 4.6 million customers in the Midwest and Southwest and to another 4 million people in Britain, Mexico, Brazil and China. Central and South West, based in Dallas, owns four electric operating subsidiaries serving 1.7 million customers in Texas, Oklahoma, Louisiana and Arkansas. American Electric Power provides energy to 2.9 million customers in Ohio, Indiana, Michigan, West Virginia, Virginia, Tennessee and Kentucky. The combined company will have $16.5 billion in equity and $11.6 billion in debt and preferred stock and CSW shareholders will hold a 40 percent stake in the combined company. Under the deal, Central and South West shareholders will receive 0.6 American Electric share for each CSW share. The price represents a premium of 20 percent based on closing stock prices Friday, the companies said. CSW stock rose 87.5 cents to $27.06 while American Electric fell $1.50 to $50.50, both in morning composite trading on the New York Stock Exchange. E. Linn Draper Jr., chairman of American Electric, will remain chairman of the combined company, which will keep the American Electric Power name and retain its Columbus headquarters. E.R. Brooks, chairman of CSW, will become a board member of the combined company. The merger requires approval by each company's shareholders and state and federal regulators. The companies said they expect regulatory reviews to be completed in 12 to 18 months. >>>