IPE wins backing for demutualisation
Wednesday 30 June 1999
The demutualisation scheme, backed by BG, the former British Gas; Enron, the US energy concern, and Belgium's Distrigaz would value the IPE at pounds 35m, more than three-and-a-half times the value of the bid from Nymex, the New York Mercantile Exchange, which the IPE rejected last year.
Following a board meeting yesterday to discuss the results of a consultative ballot showing more than two-thirds of members in favour, the plan will be put to a formal vote at an extraordinary meeting on 30 July. The proposal has to be approved by 75 per cent of members.
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