Firms’ shareholders approve Westar’s sale to Great Plains

TOPEKA, Kan. (AP) — Stockholders have approved the $12.2 billion sale of Topeka-based electric company Westar Energy to Missouri-based Great Plains Energy.

Both companies reported Monday that participating shareholders overwhelmingly approved the deal. Westar had a special meeting in Topeka and Great Plains had one in Kansas City, Missouri, to finish the voting.

Each firm said the holders of more than 60 percent of their shares participated. They said the owners of 95 percent or more of that stock approved the sale.

Federal and state regulators also must sign off on the deal. The companies hope to complete the sale next spring.

The companies have said combining would create efficiencies and keep consumers’ rates in check. Westar stockholders would receive $51 in cash and $9 in Great Plains stock for each share.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s