Finance History|11 Wall Street — IES and IPC Became a Combined Book Called LNT
· 1998-4
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Finance History|11 Wall Street — IES and IPC Became a Combined Book Called LNT
kevin
People treat Alliant Energy as a Madison utility that always printed LNT on a Nasdaq board.
The first combined book was a three-way Midwestern merger that kept a New York tape.
On 21 April 1998 WPL Holdings, IES Industries, and Interstate Power Company closed a merger announced in November 1995.
WPL Holdings survived, changed its legal name to Interstate Energy Corporation, and kept doing business as Alliant.
Each IES common share became 1.14 Interstate Energy shares.
Each Interstate Power common share became 1.11 Interstate Energy shares.
WPL Holdings shares stayed one-for-one as the surviving book.
At the effective time IES had 30,761,923 common shares outstanding and Interstate Power had 9,768,907.
The new common printed on the New York Stock Exchange under the letters LNT.
The legal name Interstate Energy lasted into 1999.
Shareowners then approved Alliant Energy Corporation as the parent name still used on the tape.
The combination was accounted for as a pooling of interests, so the 1998 statements restated the three predecessors as if they had always been one set of books.
The holding company sat under the Public Utility Holding Company Act of 1935 and agreed to rate freezes in several jurisdictions as the price of clearance.
Two operating utilities carried the load after the close: Wisconsin Power and Light in southern and central Wisconsin, and the Iowa utilities that later consolidated as Interstate Power and Light.
LNT stayed on the New York board for two decades.
On 18 December 2018 the company told the exchange it would withdraw the listing after the close on 28 December 2018.
Trading as a Nasdaq Global Select security began on 31 December 2018 under the same three letters.
The Madison campus is the operating home.
The first public print of the combined book was this Wall Street tape, not the later Nasdaq move.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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