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Southwest Gas OKs ONEOK settlement

Monday, Aug. 12, 2002 | 11:03 a.m.

The dominant natural gas utility serving Las Vegas has settled its legal differences with an Oklahoma company that tried to buy the utility two years ago.

Southwest Gas Corp. announced Friday that ONEOK Inc., Tulsa, will pay it $3 million and both sides will end litigation against each other.

The settlement is similar to another announced earlier last week between Southwest and Southern Union Co., Austin, Texas, over the rejection of a competing offer in 1999.

Under terms of that agreement, Southwest said it would pay Southern Union $17.5 million with the company agreeing to take a one-time charge of about 33 cents a share. Under the ONEOK settlement, Southwest will receive about 5 cents a share. The resulting 28-cent charge will be shown in the company's second quarter results, to be released later this month.

The settlement ends a dispute that would have been tried in U.S. District Court in Phoenix in October.

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