EXHIBIT 99.2
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FOR ADDITIONAL INFORMATION
Investor Relations: Media:
Dennis Senchak (219) 647-6085 Sally Anderson (219) 647-6203
Rae Kozlowski (219) 647-6083
NiSource Applauds Columbia Energy Shareholder Vote to Merge
Approval Seen As "Giant Step" Toward Super-Regional Powerhouse
MERRILLVILLE, Ind. (June 2, 2000)-NiSource Inc. (NYSE:NI) today
applauded Columbia Energy Group (NYSE:CG) shareholders for approving
the two companies' merger into the nation's largest natural gas
company east of the Rockies. NiSource shareholders also
overwhelmingly approved the merger at their annual meeting June 1.
"Columbia shareholders' solid vote in favor of the merger is a
giant step toward our completion of the agreement later this year,"
said Gary L. Neale, NiSource chairman, president and chief executive
officer. "Their approval underscores the positive impact the combined
company will have, not only on shareholder value but on the
communities we serve."
Neale said the combined NiSource-Columbia Energy Group enterprise
will create the premier energy supplier capable of bringing new
choices for consumers, such as the evolving gas-fired technologies
that provide total on-site solutions including electric generation for
homes and businesses. These technologies, which can be used in
conjunction with or in place of traditional electric distribution
systems, are projected to help increase U.S. natural gas demand by 60
percent by the year 2020.
Approval of Columbia Energy Group shareholders was necessary to
continue the merger process. The next steps are approvals by several
state public utility commissions and federal regulatory agencies.
NiSource Inc. (NYSE:NI) is a holding company with headquarters in
Merrillville, Ind., whose primary business is the distribution of
electricity, natural gas and water in the Midwest and Northeastern
United States. The company also markets utility services and customer-
focused resource solutions along a corridor from Texas to Maine. More
information about the company is available on the Internet at
www.nisource.com.
Columbia Energy Group (NYSE: CG), based in Herndon, Va., is one
of the nation's leading energy services companies. Its operating
companies engage in nearly all phases of the natural gas business,
including exploration and production, transmission, storage and
distribution, as well as retail energy marketing, propane and
petroleum product sales, and electric power generation. More
information about Columbia is available on the Internet at
www.columbiaenergygroup.com.
This release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking
statements are subject to various risks and uncertainties. The
factors that could cause actual results to differ materially from
the projections, forecasts, estimates and expectations discussed
herein may include factors that are beyond the company's ability
to control or estimate precisely, such as estimates of future
market conditions, the behavior of other market participants and
the actions of the Federal and State regulators.
Other factors include, but are not limited to, actions in the
financial markets, weather conditions, economic conditions in the
two companies' service territories, fluctuations in energy-
related commodity prices, conversion activity, other marketing
efforts and other uncertainties. These and other risk factors
are detailed from time to time in the two companies' SEC reports.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of
this release. The companies do not undertake any obligation to
publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
the document.
In addition to other documents filed with the Securities and
Exchange Commission by the two companies, NiSource and the new
holding company have filed a registration statement, which
contains a joint proxy statement/prospectus for NiSource and
Columbia Energy. The final joint proxy statement/prospectus,
dated April 24, 2000, is available and has been distributed to
the companies' shareholders. Investors and security holders are
urged to read the joint proxy statement/prospectus and any other
relevant documents filed with the SEC because they contain
important information. Investors and security holders may
receive the joint proxy statement/prospectus and other documents
free of charge at the SEC's web site, www.sec.gov, from NiSource
Investor Relations at 801 East 86th Avenue, Merrillville, Indiana
46410 or at its web site, www.nisource.com, or from Columbia
Investor Relations at 13880 Dulles Corner Lane, Herndon, Virginia
20171 or at its web site, www.columbiaenergygroup.com.
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