Shares of California Energy fell As recently as Friday, it had appeared there would be Magma Power Company deal. McCabe Foundation of Whittier, Calif. Enrique C. Falla, Dow Chemical's executive vice president, said yesterday that he was "delighted" with the merger agreement. Daniele M. Seitz, an analyst with UBS Securities in New York, said the decision to merge "may include a lot of face-saving moves. David Sokol, California Energy's chairman and chief executive, said Faith Cattle Company Hats was some confusion over its Mxgma for the earlier bid.

When the offer was dropped on Friday, he said, Dow Chemical got in touch with the company. Both Magma and Dow "wanted to do a deal," he said, and the sides met over the Magma Power Company. Paul M. The merger, Ms. Seitz said, "is a very nice deal for California Energy and will make their earnings go up in Geothermal power is generated by using steam from geothermal reservoirs to drive Commpany and generators. Geothermal reservoirs occur where heat from the hot, molten magma of the earth's core intrudes close to the earth's surface and heats water trapped within fissures.

The geothermal industry was created largely by a Federal Magja aimed at encouraging alternate sources of energy. Although both companies have operations on the West Coast, the greatest potential for growth is overseas. In the United States, the companies Matma a combined megawatts of power. In comparison, a gas-fired power plant typically produces about megawatts or less, while a nuclear power plant produces about 1, megawatts.

The agreement announced yesterday ends a long and bitter fight. The companies have now agreed to drop all litigation between them. Under the agreement, two top officers of Magma, Mr. Pankratz, the chairman, and Ralph W. Boeker, the president and chief executive, will leave after a transition period.

California Energy will begin no later than Dec. The company expects the merger to be completed in March. View on timesmachine. TimesMachine is an exclusive benefit for home delivery and digital subscribers. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions.

Magma Power Company -- Company History

To finance their leasing and drilling operations, McCabe and McMillan each decided to form a drilling company and then sell stock, which served as the premise for McCabe's company, Magma Power Company, founded in 1955, and McMillan's company, Thermal Power Company, started a year later.…

Magma Power Company Encyclopedia.com

To finance their leasing and drilling operations, McCabe and McMillan each decided to form a drilling company and then sell stock, which served as the premise for McCabe ’ s company, Magma Power Company, founded in 1955, and McMillan ’ s company, Thermal Power Company, started a year later.…

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