(Host) Central Vermont Public Service shareholders have approved the proposed merger of their company with the parent of Green Mountain Power.
VPR’s Ross Sneyd reports.
(Sneyd) CVPS says stockholders representing nearly 98 percent of the outstanding shares voted in favor of selling the company to Gaz Metro of Quebec.
Some didn’t vote, but stockholders holding almost three-quarters of the shares voted in favor.
The approval is a significant step in the merger proposal. But it will still be many months before the deal is completed.
Regulators will consider the plan next. The Public Service Board has scheduled a public hearing on the plan for November first on Vermont Interactive Television.
And technical hearings before the board are expected in February.
If regulators approve, the deal will dramatically change the state’s electric utility industry because Green Mountain Power would become the electrical supplier for 70 percent of Vermonters.
For VPR News, I’m Ross Sneyd
Correction to a story that aired Thursday about the merger:
Top executives and directors of CVPS will qualify for so-called "golden parachute" payments only if they’re let go once the merger goes through.
And former CEO Bob Young will receive eight million dollars through the sale of his stock if the merger is approved. But that is not considered a golden parachute payment.