The Gavel Comes Down
San Diego Gas & Electric shareholders on Tuesday endorsed a $2.4-billion stock swap merger that would blend the San Diego utility into Southern California Edison and create the nation’s largest gas and electric utility.
Exact vote totals will not available until today.
Shareholders of SCEcorp, Edison’s Rosemead-based parent company, are expected to approve the proposed merger during a Thursday meeting. The merger also must be approved by various regulatory agencies, including the state Public Utilities Commission and the Federal Energy Regulatory Commission.
While SDG&E; shareholders gathered for the meeting at the Sheraton Harbor Island East, a handful of SDG&E; employees picketed outside, shown at left. “I think that Tom Page (SDG&E; chairman, above) and the board are selling all the employees down the road,” complained John Minto, an SDG&E; employee for 31 years.