MidCon obtained a temporary restraining order.
The order prevents Chemical Bank of New York from disclosing confidential financial information about the Lombard, Ill., natural gas supplier to WB Partners, an affiliate of Wagner & Brown and Freeport-McMoRan, which launched a takeover attempt Dec. 16. MidCon said Chemical Bank is the lead bank in providing financing for the $2.7-billion takeover attempt. The temporary restraining order against Chemical Bank covers information that Chemical obtained in May, when MidCon was seeking financing to acquire United Energy Resources, MidCon said in a prepared statement. The statement said the suit asserts that Chemical Bank used the information to evaluate the risk of backing loans to be used by WB Partners in the offer to buy MidCon’s stock.
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