WPS Resources Corporation (NYSE:WPS) and Peoples Energy Corporation
(NYSE:PGL) today announced the organizational structure for the
proposed combined company and the managers who will fill top
positions. The companies announced the signing of a definitive
merger agreement on July 10, 2006, and expect the transaction to
close in the first calendar quarter of 2007, subject to necessary
regulatory and shareholder approvals. �Joining WPS Resources and
Peoples Energy presents an opportunity to create a structure that
is best-positioned to serve customers, facilitate the full
integration of the two companies and their cultures, operate more
efficiently and effectively, and promote our long-term growth
strategy,� said Larry L. Weyers, 61, chairman, president, and CEO
of WPS Resources and president and CEO of the new company. �The
structure we developed marks an important milestone in preparing to
combine the two organizations. It paves the way to create a
stronger and more competitive Midwest-based diversified energy
company and also indicates that our integration program is
proceeding as planned. Drawing from the talents of both companies,
we have identified leaders for the senior level positions of the
new company and created a process for naming the personnel below
them,� Weyers added. Organizational Design The organizational
structure for the new company is built around three distinct
entities: the holding company, the operating companies, and a
services group that will provide support services to the holding
company and operating companies. The Holding Company will oversee
the entire organization, take the new name, and be listed on the
New York Stock Exchange. The Operating Companies, which will
compose four operational groups and will deliver services to WPS
Resources� and Peoples Energy�s customers. The operational groups
are: Peoples Energy Production, which will acquire onshore
reserves, primarily natural gas, with upside potential in a limited
number of strategic basins. The NewCo Gas Group, including Peoples
Gas, North Shore Gas, Minnesota Energy Resources Corp., and
Michigan Gas Utilities Corporation. Other functions within this
subsidiary include gas services and customer relations. Wisconsin
Public Service Corporation (WPSC), including Upper Peninsula Power
Company (UPPCO) and the following functional areas: energy supply
generation, energy delivery, fuels management, generation planning,
energy supply and control, transmission and major projects. The
NewCo Non-Regulated Group, including WPS Energy Services, Inc.,
Peoples Energy Services Corp., and Peoples Energy Resources Corp.
Finally, the new services group comprises the services company,
ServCo LLC, which will provide central support services such as
human resources, finance, and legal to the subsidiaries and to the
holding company; and the external affairs group, which will oversee
regulatory, government relations and community affairs, and
corporate communications. Leaders Named to Manage Combined Company
Weyers also identified many of the combined company�s senior
leaders, who will manage the new company after the transaction
closes. He noted that the process of identifying the new company�s
leaders is ongoing, and many appointments remain to be made in the
months ahead. The managers named as part of today�s announcement
include: Holding Company: Senior Vice President and Chief Financial
Officer: Joe O'Leary, 51 Corporate Secretary and Chief Governance
Office: Peter Kauffman, 60 Senior Vice President and Chief Human
Resources Officer: Bud Treml, 57 Executive Vice President and Chief
Development Officer: Phil Mikulsky, 58 � Operating Companies:
President, Peoples Energy Production: Steve Nance, 49 President and
Chief Operating Officer: NewCo Gas Group: Larry Borgard, 44
President of Wisconsin Public Service Corporation: Charlie Schrock,
53 President, NewCo Non-Regulated: Mark Radtke, 45 President,
Peoples Gas; and President, North Shore Gas: Desiree Rogers, 46
President, Minnesota Energy Resources Corp.: Chuck Cloninger, 48
President, Michigan Gas Utilities Corp.: Gary Erickson, 64 �
Services Group: Executive Vice President, External Affairs: Tom
Meinz, 59 President, Service Company (ServCo LLC): Tom Nardi, 52
Vice President, Government Relations and Community Affairs: Rod
Sierra, 46 Vice President, Regulatory Affairs: Jim Schott, 49
Following the close of the transaction, James R. Boris, 61, the
current lead director for Peoples Energy, will serve as
non-executive chairman of the board. Thomas M. Patrick, 60,
chairman, president and CEO of Peoples Energy, earlier this year
announced his intention to retire once the transaction is
completed. About WPS Resources Corporation WPS Resources
(NYSE:WPS), based in Green Bay, Wisconsin, is a holding company
with five major subsidiaries providing electric and natural gas
energy and related services in both regulated and non-regulated
energy markets. Its largest subsidiary is Wisconsin Public Service
Corporation, a regulated electric and natural gas utility serving
northeastern Wisconsin and a portion of Michigan's Upper Peninsula.
Wisconsin Public Service serves more than 425,000 electric
customers and 308,000 natural gas customers. Another subsidiary,
Upper Peninsula Power Company, is a regulated electric utility that
serves approximately 52,000 electric customers in Michigan's Upper
Peninsula. Michigan Gas Utilities Corporation is a regulated
natural gas utility serving 161,000 customers in lower Michigan.
Minnesota Energy Services Corporation is a regulated natural gas
utility serving more than 200,000 customers throughout Minnesota.
WPS Resources' major non-regulated subsidiary consists of WPS
Energy Services, Inc., a diversified non-regulated energy supply
and services company serving commercial, industrial and wholesale
customers and aggregated groups of residential customers. Its
principal market is the northeast quadrant of the United States and
adjacent portions of Canada. Its principal operations are in
Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in
the United States and Alberta, Ontario, and Quebec in Canada. WPS
Energy Services also owns and/or operates non-regulated electric
generation facilities in Wisconsin, Maine, Pennsylvania, New York,
and New Brunswick, Canada; steam production facilities in Arkansas
and Oregon; and a partial interest in a synthetic fuel processing
facility in Kentucky. Visit the WPS Resources Web site at
www.wpsr.com for additional information. About Peoples Energy
Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a
diversified energy company consisting of three primary business
segments: Gas Distribution, Oil and Gas Production, and Energy
Assets & Energy Marketing. Peoples Gas and North Shore Gas,
regulated utilities, deliver natural gas to about one million
customers in the City of Chicago and 54 communities in northeastern
Illinois. The company�s non-utility businesses include Peoples
Energy Services (PESC) and Peoples Energy Production (PEP). PESC,
launched in 1996, serves more than 25,000 customers. PESC provides
a portfolio of products to manage energy needs of business,
institutional and residential consumers in today's volatile and
complex energy market. The company recently won approval to offer
services in Michigan, Ohio and New York. PEP, founded in 1998, is
primarily focused on acquiring proven, onshore reserves with upside
potential in a limited number of strategic supply basins. Value is
then added through drilling programs, production enhancements and
reservoir optimization. The company�s acquisition and drilling
efforts are primarily focused on natural gas. Visit the Peoples
Energy website at www.peoplesenergy.com Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. You
can identify these statements by the fact that they do not relate
strictly to historical or current facts and often include words
such as �anticipate,� �expect,� �intend,� �may,� �could,�
�project,� �believe� and other similar words. Forward-looking
statements are beyond the ability of WPS Resources and Peoples
Energy to control and, in many cases, neither WPS Resources nor
Peoples Energy can predict what factors would cause actual results
to differ materially from those indicated by forward-looking
statements. Please see WPS Resources� and Peoples Energy�s periodic
reports filed with the Securities and Exchange Commission
(including their 10-Ks and 10-Qs) for listings of certain factors
that could cause actual results to differ materially from those
contained in forward-looking statements. All forward-looking
statements included in this press release are based upon
information presently available, and neither WPS Resources nor
Peoples Energy assume any obligation to update any forward-looking
statements. Additional Information This communication is not a
solicitation of a proxy from any security holder of WPS Resources
Corporation or Peoples Energy Corporation. WPS Resources
Corporation intends to file a registration statement on Form S-4
with the Securities and Exchange Commission (the �SEC�) in
connection with the proposed transaction. The registration
statement will include a joint proxy statement of WPS Resources
Corporation and Peoples Energy Corporation that also constitutes a
prospectus of WPS Resources Corporation, which will be sent to the
shareholders of WPS Resources Corporation and Peoples Energy
Corporation. Shareholders are urged to read the joint proxy
statement/prospectus and any other relevant document when they
become available, because they will contain important information
about WPS Resources Corporation, Peoples Energy Corporation and the
proposed transaction. A definitive proxy statement will be sent to
shareholders of WPS Resources Corporation and Peoples Energy
Corporation seeking approval of the proposed transaction. The joint
proxy statement/prospectus and other documents relating to the
proposed transaction (when they are available) can be obtained free
of charge from the SEC�s website at www.sec.gov. These documents
(when they are available) can also be obtained free of charge from
WPS Resources Corporation upon written request to WPS Resources
Corporation, Attention: Barth J. Wolf, Secretary and Manager -
Legal Services, P.O. Box 19001, Green Bay, Wisconsin 54307-9001, or
by calling (920) 433-1727, or from Peoples Energy Corporation, upon
written request to Peoples Energy Corporation, Attention:
Secretary, 130 East Randolph Drive, 24th Floor, Chicago, Illinois
60601, or by calling (312) 240-4366. Participants in the Proposed
Transaction WPS Resources Corporation, Peoples Energy Corporation
and certain of their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies
from shareholders in connection with the proposed transaction under
the rules of the SEC. Information about the directors and executive
officers of WPS Resources Corporation may be found in its 2005
Annual Report on Form 10-K filed with the SEC on February 28, 2006
and definitive proxy statement relating to its 2006 Annual Meeting
of Shareholders filed with the SEC on April 7, 2006. Information
about the directors and executive officers of Peoples Energy
Corporation may be found in its Amendment No. 1 to its 2005 Annual
Report on Form 10-K filed with the SEC on December 14, 2005 and
definitive proxy statement relating to its 2006 Annual Meeting of
Shareholders filed with the SEC on January 1, 2006. These documents
can be obtained free of charge from the sources indicated above.
Additional information regarding the interests of these
participants will also be included in the joint proxy
statement/prospectus regarding the proposed transaction when it
becomes available. Non-Solicitation This communication shall not
constitute an offer to sell or the solicitation of an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended. WPS Resources Corporation
(NYSE:WPS) and Peoples Energy Corporation (NYSE:PGL) today
announced the organizational structure for the proposed combined
company and the managers who will fill top positions. The companies
announced the signing of a definitive merger agreement on July 10,
2006, and expect the transaction to close in the first calendar
quarter of 2007, subject to necessary regulatory and shareholder
approvals. "Joining WPS Resources and Peoples Energy presents an
opportunity to create a structure that is best-positioned to serve
customers, facilitate the full integration of the two companies and
their cultures, operate more efficiently and effectively, and
promote our long-term growth strategy," said Larry L. Weyers, 61,
chairman, president, and CEO of WPS Resources and president and CEO
of the new company. "The structure we developed marks an important
milestone in preparing to combine the two organizations. It paves
the way to create a stronger and more competitive Midwest-based
diversified energy company and also indicates that our integration
program is proceeding as planned. Drawing from the talents of both
companies, we have identified leaders for the senior level
positions of the new company and created a process for naming the
personnel below them," Weyers added. Organizational Design The
organizational structure for the new company is built around three
distinct entities: the holding company, the operating companies,
and a services group that will provide support services to the
holding company and operating companies. The Holding Company will
oversee the entire organization, take the new name, and be listed
on the New York Stock Exchange. The Operating Companies, which will
compose four operational groups and will deliver services to WPS
Resources' and Peoples Energy's customers. The operational groups
are: -- Peoples Energy Production, which will acquire onshore
reserves, primarily natural gas, with upside potential in a limited
number of strategic basins. -- The NewCo Gas Group, including
Peoples Gas, North Shore Gas, Minnesota Energy Resources Corp., and
Michigan Gas Utilities Corporation. Other functions within this
subsidiary include gas services and customer relations. --
Wisconsin Public Service Corporation (WPSC), including Upper
Peninsula Power Company (UPPCO) and the following functional areas:
energy supply generation, energy delivery, fuels management,
generation planning, energy supply and control, transmission and
major projects. -- The NewCo Non-Regulated Group, including WPS
Energy Services, Inc., Peoples Energy Services Corp., and Peoples
Energy Resources Corp. Finally, the new services group comprises
the services company, ServCo LLC, which will provide central
support services such as human resources, finance, and legal to the
subsidiaries and to the holding company; and the external affairs
group, which will oversee regulatory, government relations and
community affairs, and corporate communications. Leaders Named to
Manage Combined Company Weyers also identified many of the combined
company's senior leaders, who will manage the new company after the
transaction closes. He noted that the process of identifying the
new company's leaders is ongoing, and many appointments remain to
be made in the months ahead. The managers named as part of today's
announcement include: -0- *T Holding Company: Senior Vice President
and Chief Financial Officer: Joe O'Leary, 51 Corporate Secretary
and Chief Governance Office: Peter Kauffman, 60 Senior Vice
President and Chief Human Resources Officer: Bud Treml, 57
Executive Vice President and Chief Development Officer: Phil
Mikulsky, 58 Operating Companies: President, Peoples Energy
Production: Steve Nance, 49 President and Chief Operating Officer:
NewCo Gas Group: Larry Borgard, 44 President of Wisconsin Public
Service Corporation: Charlie Schrock, 53 President, NewCo
Non-Regulated: Mark Radtke, 45 President, Peoples Gas; and
President, North Shore Gas: Desiree Rogers, 46 President, Minnesota
Energy Resources Corp.: Chuck Cloninger, 48 President, Michigan Gas
Utilities Corp.: Gary Erickson, 64 Services Group: Executive Vice
President, External Affairs: Tom Meinz, 59 President, Service
Company (ServCo LLC): Tom Nardi, 52 Vice President, Government
Relations and Community Affairs: Rod Sierra, 46 Vice President,
Regulatory Affairs: Jim Schott, 49 *T Following the close of the
transaction, James R. Boris, 61, the current lead director for
Peoples Energy, will serve as non-executive chairman of the board.
Thomas M. Patrick, 60, chairman, president and CEO of Peoples
Energy, earlier this year announced his intention to retire once
the transaction is completed. About WPS Resources Corporation WPS
Resources (NYSE:WPS), based in Green Bay, Wisconsin, is a holding
company with five major subsidiaries providing electric and natural
gas energy and related services in both regulated and non-regulated
energy markets. Its largest subsidiary is Wisconsin Public Service
Corporation, a regulated electric and natural gas utility serving
northeastern Wisconsin and a portion of Michigan's Upper Peninsula.
Wisconsin Public Service serves more than 425,000 electric
customers and 308,000 natural gas customers. Another subsidiary,
Upper Peninsula Power Company, is a regulated electric utility that
serves approximately 52,000 electric customers in Michigan's Upper
Peninsula. Michigan Gas Utilities Corporation is a regulated
natural gas utility serving 161,000 customers in lower Michigan.
Minnesota Energy Services Corporation is a regulated natural gas
utility serving more than 200,000 customers throughout Minnesota.
WPS Resources' major non-regulated subsidiary consists of WPS
Energy Services, Inc., a diversified non-regulated energy supply
and services company serving commercial, industrial and wholesale
customers and aggregated groups of residential customers. Its
principal market is the northeast quadrant of the United States and
adjacent portions of Canada. Its principal operations are in
Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in
the United States and Alberta, Ontario, and Quebec in Canada. WPS
Energy Services also owns and/or operates non-regulated electric
generation facilities in Wisconsin, Maine, Pennsylvania, New York,
and New Brunswick, Canada; steam production facilities in Arkansas
and Oregon; and a partial interest in a synthetic fuel processing
facility in Kentucky. Visit the WPS Resources Web site at
www.wpsr.com for additional information. About Peoples Energy
Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a
diversified energy company consisting of three primary business
segments: Gas Distribution, Oil and Gas Production, and Energy
Assets & Energy Marketing. Peoples Gas and North Shore Gas,
regulated utilities, deliver natural gas to about one million
customers in the City of Chicago and 54 communities in northeastern
Illinois. The company's non-utility businesses include Peoples
Energy Services (PESC) and Peoples Energy Production (PEP). PESC,
launched in 1996, serves more than 25,000 customers. PESC provides
a portfolio of products to manage energy needs of business,
institutional and residential consumers in today's volatile and
complex energy market. The company recently won approval to offer
services in Michigan, Ohio and New York. PEP, founded in 1998, is
primarily focused on acquiring proven, onshore reserves with upside
potential in a limited number of strategic supply basins. Value is
then added through drilling programs, production enhancements and
reservoir optimization. The company's acquisition and drilling
efforts are primarily focused on natural gas. Visit the Peoples
Energy website at www.peoplesenergy.com Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. You
can identify these statements by the fact that they do not relate
strictly to historical or current facts and often include words
such as "anticipate," "expect," "intend," "may," "could,"
"project," "believe" and other similar words. Forward-looking
statements are beyond the ability of WPS Resources and Peoples
Energy to control and, in many cases, neither WPS Resources nor
Peoples Energy can predict what factors would cause actual results
to differ materially from those indicated by forward-looking
statements. Please see WPS Resources' and Peoples Energy's periodic
reports filed with the Securities and Exchange Commission
(including their 10-Ks and 10-Qs) for listings of certain factors
that could cause actual results to differ materially from those
contained in forward-looking statements. All forward-looking
statements included in this press release are based upon
information presently available, and neither WPS Resources nor
Peoples Energy assume any obligation to update any forward-looking
statements. Additional Information This communication is not a
solicitation of a proxy from any security holder of WPS Resources
Corporation or Peoples Energy Corporation. WPS Resources
Corporation intends to file a registration statement on Form S-4
with the Securities and Exchange Commission (the "SEC") in
connection with the proposed transaction. The registration
statement will include a joint proxy statement of WPS Resources
Corporation and Peoples Energy Corporation that also constitutes a
prospectus of WPS Resources Corporation, which will be sent to the
shareholders of WPS Resources Corporation and Peoples Energy
Corporation. Shareholders are urged to read the joint proxy
statement/prospectus and any other relevant document when they
become available, because they will contain important information
about WPS Resources Corporation, Peoples Energy Corporation and the
proposed transaction. A definitive proxy statement will be sent to
shareholders of WPS Resources Corporation and Peoples Energy
Corporation seeking approval of the proposed transaction. The joint
proxy statement/prospectus and other documents relating to the
proposed transaction (when they are available) can be obtained free
of charge from the SEC's website at www.sec.gov. These documents
(when they are available) can also be obtained free of charge from
WPS Resources Corporation upon written request to WPS Resources
Corporation, Attention: Barth J. Wolf, Secretary and Manager -
Legal Services, P.O. Box 19001, Green Bay, Wisconsin 54307-9001, or
by calling (920) 433-1727, or from Peoples Energy Corporation, upon
written request to Peoples Energy Corporation, Attention:
Secretary, 130 East Randolph Drive, 24th Floor, Chicago, Illinois
60601, or by calling (312) 240-4366. Participants in the Proposed
Transaction WPS Resources Corporation, Peoples Energy Corporation
and certain of their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies
from shareholders in connection with the proposed transaction under
the rules of the SEC. Information about the directors and executive
officers of WPS Resources Corporation may be found in its 2005
Annual Report on Form 10-K filed with the SEC on February 28, 2006
and definitive proxy statement relating to its 2006 Annual Meeting
of Shareholders filed with the SEC on April 7, 2006. Information
about the directors and executive officers of Peoples Energy
Corporation may be found in its Amendment No. 1 to its 2005 Annual
Report on Form 10-K filed with the SEC on December 14, 2005 and
definitive proxy statement relating to its 2006 Annual Meeting of
Shareholders filed with the SEC on January 1, 2006. These documents
can be obtained free of charge from the sources indicated above.
Additional information regarding the interests of these
participants will also be included in the joint proxy
statement/prospectus regarding the proposed transaction when it
becomes available. Non-Solicitation This communication shall not
constitute an offer to sell or the solicitation of an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
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