Vt. Gov. Likes New Offer for Electric Utility - FOX44 - Burlington / Plattsburgh News, Weather & Sports

Vt. Gov. Likes New Offer for Electric Utility

Posted: Updated:

Montpelier, Vermont - Vermont Gov. Peter Shumlin says he thinks an unsolicited offer to buy the state's largest electric utility by a Canadian company is the better deal than the other offer that's on the table.

At the end of May, the Central Vermont Public Service Corp. announced that it had reached a deal to be sold to the Canadian utility Fortis Corp. for $35.10 a share.

Then last week another large Canadian utility, Gaz Metro, made an unsolicited bid to purchase CVPS for $3.25 a share.

Gas Metro owns Vermont's second largest electric utility, Green Mountain Power, and the natural gas utility Vermont Gas Systems.

Shumlin tells Vermont Public Radio Gaz Metro has a proven track record in Vermont. He says Gaz Metro has "been a great partner for Vermont."


(Copyright 2011 by The Associated Press.  All Rights Reserved.)
Please Read Comment User Agreement.

Powered by WorldNow
All content © Copyright 2000 - 2013 WorldNow and WFFF. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
WFFF FCC Public FileWVNY FCC Public File