Burlington City Council approves Burlington Hydro Electric Inc. Proposal to Purchase Haldimand Hydro
BURLINGTON, ON - At a special meeting of Burlington city council, on January 24, 2005 a recommendation that Burlington Hydro Electric Inc. submit a proposal to purchase Haldimand Hydro was approved. Under the Shareholders Direction the City of Burlington, as shareholder must approve any mergers or acquisitions Burlington Hydro Electric pursues.
"Bringing these two utilities together will ensure better hydro electric service for both municipalities," commented Mayor Rob MacIsaac. "If Burlington Hydro’s bid is successful, hydro ratepayers in both communities will benefit from the combined operational efficiencies that will be realized."
"The opportunity for increased savings has the potential for greater dividend flow to the city in the long-term," said Leo DeLoyde, general manager of corporate services.
With council’s approval Burlington Hydro Electric Inc. will now submit their binding bid to Haldimand County. A decision on the selection of a successful proponent is expected on February 2, 2005. The final transaction is expected to close on March 28, 2005.
