UIL shares steady; they had fallen after PGW deal

Posted: March 09, 2014

The share price of UIL Holdings Corp. appeared to have found a basement Friday after declining 11.7 percent since an initial report that the Connecticut company had agreed to buy Philadelphia Gas Works.

UIL's shares on the New York Stock Exchange closed up 22 cents at $34.84 on Friday, the first positive showing since the company's interest in PGW was disclosed Feb. 28, when its stock price stood at $39.45. It has lost $260 million in market value since then. UIL on Monday announced it agreed to buy the city's gas utility for $1.86 billion. The sale requires City Council approval.

James P. Torgerson, UIL's chief executive, said this week he was unconcerned about the stock price volatility. He said UIL shares declined in 2010 when the company announced another acquisition, and the price eventually recovered.

amaykuth@phillynews.com

215-854-2947 @maykuth

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