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KANSAS CITY POWER & LIGHT COMPANY
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(Press release issued May 17, 1996)
MISSOURI STATE TREASURER BACKS KCPL/UTILICORP
______________________________________________
Kansas City, Missouri (May 17, 1996) -- Kansas City Power &
Light Company (NYSE:KLT) Chairman and President Drue Jennings
says he is "very pleased" that Missouri State Treasurer Bob
Holden has announced support of a proposed merger between Kansas
City Power & Light Company and UtiliCorp United (NYSE:UCU).
State Treasurer Bob Holden in his statement said: "This
merger represents the creation of a new $3.7 billion company with
far reaching ripple effects throughout the Kansas City region and
the entire state of Missouri. In addition, if history provides
any indicator, the new company will continue the precedent set by
both KCPL and UtiliCorp for active participation in civic,
community and economic development projects."
Drue Jennings said, "I am very pleased by this show of
support by the State Treasurer. We also received the endorsement
of Missouri Governor Mel Carnahan. We have received support of
this planned strategic merger from such diverse groups as
shareholders, legislators, employees, and community
organizations. We believe the facts speak for themselves; the
friendly merger of equals between KCPL and UtiliCorp offers the
best prospects for growth."
Kansas City Power & Light Company provides electric power to
a growing and diversified service territory encompassing
metropolitan Kansas City and parts of eastern Kansas and western
Missouri. KCPL is a low-cost producer and leader in fuel
procurement and plant technology. KLT Inc., a wholly-owned
subsidiary of KCPL, pursues opportunities in non-regulated,
primarily energy-related ventures.
(end of press release)
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