| OCR Text |
Show El Paso, APCO Group Reach Agr On Northwese Pipeline Purchase PnJ Denver, July 25 El Paso Natural Gas Company Com-pany and the Apco Group announced today that they have reached an agreement agree-ment in principle whereby where-by the APCO Group will purchase 20of the stock of Northwest Pipeline Corporation, which will own the facilities to be divested in accordance with a decree of the U.S. District Court for the District of Colorado entered en-tered in the latter part of 1972. The remaining 80 of Northwest Pipeline Pipe-line Corporation stock will be distributed to the El Paso shareholders under a voting trust arrangement. ar-rangement. The facilities facili-ties to be divested principally prin-cipally consist of El Paso's Northwest Division, Divi-sion, a natural gas pipeline pipe-line system serving the states of Washington, Oregon, Idaho, Utah, Colorado, Wyoming and Nevada. The parties have agreed to a value of $21 million, subject to adjustment, ad-justment, for the 20 stock interest in Northwest North-west Pipeline Corporation. Corpora-tion. The parties have also agree to cooperate to the end that final divestiture is accomplished as rapidly ra-pidly as possible. Drafting Draft-ing of the definitive agreement and imple- men ting documents, which are subject to approval ap-proval by the U.S. District Dis-trict Court, El Paso and the APCO Group will commence immediately. The APCO Group consists con-sists of the following, havin the te nterstate 7' -V (15) andtheeT Corporation |
