WASHINGTON (dpa-AFX) - AGL Resources Inc. (AGL) announced it has completed its merger with Nicor Inc. AGL Resources also announced that Standard & Poor's will add AGL Resources' common stock to the S&P 500 Index after the close of trading on, December 12, replacing Nicor Inc.
AGL Resourcese said that effective December 16, the combined company will assume Nicor's ticker symbol - GAS - in trading on the New York Stock Exchange.
In December 2010, AGL Resources agreed to buy Nicor in a $2.4 billion cash and stock deal that will create a leading U.S. natural gas distribution company, serving about 4.5 million customers.
AGL Resources stated that Stockholders of the former Nicor received $21.20 in cash and 0.8382 shares of AGL Resources common stock, for a total of $54.43 based on the closing price for AGL Resources common stock, on December 8, 2011.
AGL Resources announced the senior leaders of the combined company. Reporting to John Somerhalder, CEO, are: Andrew Evans as executive vice president and chief financial officer; Hank Linginfelter as executive vice president, distribution operations; Melanie Platt as executive vice president, chief people officer and president, AGL Resources Foundation.
Ralph Cleveland will serve as executive vice president and president of Nicor Gas, overseeing utility operations in Illinois. Steve Lindsey will serve as senior vice president of Southern operations and president of Atlanta Gas Light, Florida City Gas and Chattanooga Gas. Steve Cittadine will serve as president, Storage and Fuels.
AGL Resources said that its board also elected former Nicor Inc. directors Norman Bobins, Brenda Gaines, Armando Olivera and John Rau to the AGL Resources Board of Directors, effective as of today.
As previously announced, the transaction, excluding merger-related costs, is anticipated to be neutral to AGL Resources' earnings per share in 2012 and accretive thereafter.
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© 2011 AFX News
