-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ITQKNIwzzzFDfuAtg4qg7ejth1BpGb1gBly3PTlcPN1SzNA/h4VHqPULAto99c15 hIvZjDRFdlDZ1nS8FG7v5w== 0000072909-97-000003.txt : 19970520 0000072909-97-000003.hdr.sgml : 19970520 ACCESSION NUMBER: 0000072909-97-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970516 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970519 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN STATES POWER CO /WI/ CENTRAL INDEX KEY: 0000072909 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 390508315 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03140 FILM NUMBER: 97611162 BUSINESS ADDRESS: STREET 1: 100 N BARSTOW ST CITY: EAU CLAIRE STATE: WI ZIP: 54702 BUSINESS PHONE: 7158392621 MAIL ADDRESS: STREET 1: P O BOX 8 CITY: EAU CLAIRE STATE: WI ZIP: 54702-008 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 16, 1997 Northern States Power Company (Exact name of registrant as specified in its charter) Wisconsin (State or other jurisdiction of incorporation) 10-3140 39-0508315 (Commission File Number) (IRS Employer Identification No.) 100 North Barstow, Eau Claire, WI 54703 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 715-839-2592 (Former name or former address, if changed since last report) Item 5. Other Events On May 16, 1997, Northern States Power Company, a Minnesota corporation (NSPM) and Wisconsin Energy Corporation, a Wisconsin corporation (WEC), announced that they have mutually agreed to terminate their plans to merge the two companies, with each company paying only its own merger-related costs. Both companies' Boards of Directors voted to terminate the merger agreement. NSPM is the parent of Northern States Power Company, a Wisconsin Corporation (the Company). These actions by NSPM and WEC effectively terminate the Company's involvement with the proposed merger as well. As a result of the merger termination, NSPM and the Company will charge to expense in the second quarter of 1997 all deferred merger-related costs. As of April 30, 1997, approximately $29 million of costs associated with the merger had been incurred and deferred, including the Company's portion of approximately $900,000. Attached as Exhibit 99.01 is NSPM's news release issued on May 16, 1997. Item 7. Financial Statements and Exhibits (c) EXHIBITS Exhibit No. Description 99.01 May 16, 1997 News Release from NSPM SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Northern States Power Company (a Wisconsin Corporation) By /s/ Roger D. Sandeen Controller Dated: May 19, 1997 EXHIBIT INDEX Method of Exhibit Filing No. Description DT 99.01 May 16, 1997 News Release from NSPM DT = Filed electronically with this direct transmission. Northern States Power Company Exhibit 99.01 414 Nicollet Mall Minneapolis, MN 55401 News Release Telephone (612) 330-5500 May 16, 1997 WISCONSIN ENERGY, NORTHERN STATES POWER AGREE TO TERMINATE MERGER PROCEEDINGS Minneapolis, Minn., and Milwaukee, Wis.--James J. Howard, chairman, president and chief executive officer of Northern States Power Co., and Richard A. Abdoo, chairman, president and chief executive officer of Wisconsin Energy Corp., today announced that they have agreed to terminate plans to merge the two companies. The Merger Agreement would have combined WEC and NSP into Primergy Corporation, which would have resulted in $2 billion of cost reductions benefiting customers and stockholders. "We filed applications two years ago to join the companies. Our purpose was to form a combined enterprise that would create greater value for our customers and shareholders," Howard said. "We anticipated a 12- to 18-month approval process because we complied with the requirements for all previously approved mergers. "What we encountered were regulatory agencies that were changing their merger policies as they were considering our filing," he said. "The Federal Energy Regulatory Commission's decision and its analysis of the market power issues -- released earlier this week and remanding the discussion of further negotiation among the parties -- confirm that its policies are still being developed. Unfortunately, the regulators have chosen applications like this one to resolve many of these issues. There is simply no end to this process in sight." "At this time," Abdoo said, "it's important for us to take advantage of other opportunities. Continuing the Primergy transaction, given the current regulatory climate, is not in the best interests of our stockholders, customers and employees." Abdoo said there are many factors in the decision to terminate the Merger Agreement, including: the FERC action; the fact that any regulatory approvals that might be obtained appear to be heading in the direction of significantly reducing the benefits of the Primergy transaction; and the impact on stockholders, customers and employees of at least another six months of delay as a result of the FERC action after almost a two-year wait. "After thorough consideration, we have mutually agreed to terminate our plans," Abdoo stated. "The stockholders, customers and employees of both companies have waited too long and there is no certainty the matter will ever be decided by the regulatory authorities." The companies announced their merger plans May 1, 1995, and filed applications in July and August with state and federal regulatory bodies. To date, approvals have been granted by the state regulatory commissions in Michigan and North Dakota, but not by the commissions in Minnesota and Wisconsin. Approvals from the Securities & Exchange Commission and U.S. Department of Justice also are pending. Both companies' boards of directors voted today to end the merger process. NSP and Wisconsin Energy will jointly withdraw their merger applications from state and federal agencies. ### For more information, contact NSP Media Representatives Office: (612) 337-2167 Internet: http://www.nspco.com -----END PRIVACY-ENHANCED MESSAGE-----