Finance History | 11 Wall Street — One Point Five Zero Three Eight Pacific Shares Printed SRE
· 1998-6
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Finance History | 11 Wall Street — One Point Five Zero Three Eight Pacific Shares Printed SRE
kevin
People treat Sempra as a San Diego energy holding company that always printed SRE.
The letters arrived after two already-listed California utilities combined.
An 8-K records that on 26 June 1998 Sempra Energy acquired the common stock of Pacific Enterprises and Enova Corporation in a tax-free reorganization accounted for as a pooling of interests.
Pacific Enterprises was the parent of Southern California Gas. Enova was the parent of San Diego Gas and Electric.
Each of 83,917,664 Pacific Enterprises common shares converted into 1.5038 Sempra shares. Each of 113,614,942 Enova common shares converted into one Sempra share.
Period press called the combination a 6.2 billion dollar merger in 1998 currency. Preferred stock of the operating companies was left outstanding.
The Los Angeles Times, writing on 27 June 1998, said Sempra common would begin trading Monday on the New York Stock Exchange under SRE. That Monday was 29 June 1998.
The mechanism is a merger-of-equals holding company. No new cash sale priced the first SRE prints. Two old utility books became one listed parent.
The pin is the Broad Street facade of the Exchange, where SRE opened.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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