Friday, August 11, 2006

Union Objects to KeySpan Deal

The Deal:
A labor union representing more than 3,000 employees at gas and electricity supplier KeySpan Corp. has raised concerns about National Grid plc's planned takeover just one week before KeySpan shareholders are scheduled to vote on the $7.3 billion deal.

On Tuesday, Aug. 8, Brooklyn, N.Y.-based KeySpan saw its advisory firm vote in favor of the sale, which was announced in February. However, a New York union is now preparing to ask regulators to reject the deal unless the companies provide more information about planned job cuts, according to a story published on Wednesday by Long Island-based Newsday.