14714 Federal Register / Vol. 62, No. 59 / Thursday, March 27, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

April 14, 1997, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

FirstEnergy Corp. (70–8989)

FirstEnergy Corp., 76 South Main

Street, Akron, Ohio 44308, an Ohio

corporation (‘‘FirstEnergy’’), has filed an

application under sections 9(a)(2) and

10 of the Act.

FirstEnergy proposes to acquire,

directly or indirectly, all of the issued

and outstanding voting securities (the

‘‘Common Stock’’) of Ohio Edison

Company (‘‘Ohio Edison’’), The

Cleveland Electric Illuminating

Company (‘‘Cleveland Electric’’), The

Toledo Edison Company (‘‘Toledo

Edison’’) and Pennsylvania Power

Company (‘‘Penn Power’’), as well as

20.5% of the Common Stock of Ohio

Valley Electric Corporation (‘‘OVEC’’)

which, in turn, owns all of the Common

Stock of Indiana-Kentucky Electric

Corporation (‘‘IKEC’’). Each of Ohio

Edison, Cleveland Electric, Toledo

Edison, Penn Power, OVEC and IKEC

(collectively, ‘‘Utility Subsidiaries’’) are

‘‘electric utility companies’’ as defined

in section 2(a)(5) of the Act.

The proposed acquisitions would be

accomplished by a merger of Centerior

Energy Corporation (‘‘Centerior’’) and

Ohio Edison with and into FirstEnergy.

Centerior, an exempt public-utility

holding company under section 3(a)(1)

of the Act pursuant to rule 2 thereunder,

currently owns all of the Cleveland

Electric and Toledo Edison Common

Stock. Toledo Edison owns 16.5% of

OVEC Common Stock. Ohio Edison, an

exempt public-utility holding company

under section 3(a)(2) currently owns all

of the Penn Power Common Stock.

The service territory of each Utility

Subsidiary, other than Penn Power, is in

Ohio. Ohio Edison and Penn Power

operate as a single utility system

providing retail service to 1.1 million

customers in central and northeastern

Ohio and western Pennsylvania. Toledo

Edison and Cleveland Electric serve

over one million retail customers in

northeastern and northwestern Ohio.

The service territories of Toledo Edison

and Cleveland Electric are not

contiguous, being separated by the

service territory of Ohio Edison.

Ohio Edison has seven wholly owned

subsidiaries besides Penn Power: OES

Capital, Incorporated; OES Fuel,

Incorporated; OES Finance,

Incorporated; OES Financing Trust;

Ohio Edison Financing Trust II; OES

Nuclear, Incorporated; and OES

Ventures, Incorporated (‘‘Ventures’’).

These subsidiaries manage and finance

nuclear fuel, finance certain electric

accounts receivable and provide

structures for investment in energy

related projects. Ventures finances and

manages businesses opportunities not

directly related to the provision of

electric service.

Centerior has four direct wholly

owned subsidiaries other than

Cleveland Electric and Toledo Edison:

Centerior Service Company, which

provides management, financial,

administrative, engineering and legal

services to Cleveland Electric and

Toledo Edison at cost; Centerior

Properties Company, CCO Company and

Market Responsive Energy, Inc.

The Agreement and Plan of Merger,

dated as of September 13, 1996 (the

‘‘Merger Agreement’’) between Ohio

Edison and Centerior, provide, among

other things, for (i) the merger of

Centerior with and into FirstEnergy

Corp. and (ii) the merger of another

wholly owned subsidiary of FirstEnergy

(‘‘Ohio Edison Acquisition Corp.’’) with

and into Ohio Edison pursuant to the

Ohio Edison Merger Agreement

(collectively, the ‘‘Merger’’). Following

the Merger, FirstEnergy will be a

holding company which will directly

hold all of the Ohio Edison Common

Stock, Cleveland Electric Common

Stock and Toledo Edison Common

Stock. Penn Power will remain a wholly

owned subsidiary of Ohio Edison. Each

share of Centerior Common Stock would

be converted into .525 shares of

FirstEnergy Common Stock and each

share of Ohio Edison Common Stock

would be converted into one share of

FirstEnergy Common Stock.

The boards of directors of Ohio

Edison and Centerior have approved the

Merger Agreement. Consummation of

the proposed transactions is subject to

the approval by shareholders of Ohio

Edison and Centerior. Presuming this

Commission approves the acquisitions,

FirstEnergy states it intends to file for an

exemption under section 3(a)(1) from all

provisions of the Act, other than section

9(a)(2), pursuant to rule 2 thereunder.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7787 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38426; File No. SR–AMEX–

97–13]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to Exchange Policy on

Indications, Openings and Reopenings

March 21, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 4,

1997, the American Stock Exchange,

Inc. (‘‘Amex’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II and III below, which Items

have been prepared by the selfregulatory organization. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Amex proposes to revise

Exchange policy regarding indications,

openings and reopenings. The text of

the proposed rule change is available at

the Office of the Secretary, the Amex

and at the Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of an

basis for the proposed rule change and

discussed any comments it received on

the proposed rule change. The text of

these statements may be examined at

the place specified in Item IV below.

The self-regulatory organization has

prepared summaries, set forth in
Federal Register / Vol. 62, No. 59 / Thursday, March 27, 1997 / Notices 14715

3 15 U.S.C. § 78f(b). 4 17 CFR 200.30–3(a)(12). 1 15 U.S.C. § 78s(b)(1).

Sections A, B, and C below, of the most

significant aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Amex specialists disseminate

indications of interest to the

consolidated tape prior to the opening

or reopening of trading in a previously

halted stock or in the event of a delayed

opening. These indications

communicate the probably price range

where the stock will open or reopen.

The Amex’s policy on dissemination

of tape indications currently requires a

minimum of 15 minutes to elapse

between the first indication and the

opening or reopening of a stock. In

addition, when multiple indications are

used, a minimum of 10 minutes must

elapse after the last indication when it

does no overlap the prior indication,

and a minimum of 5 minutes must

elapse after the last indication when it

overlaps the prior indication.

The Exchange is proposing that these

minimum time periods before opening

or reopening a stock be compressed

from 15 to 10 minutes after the first

indication; and to 5 minutes after the

last indication, regardless of whether it

overlaps the prior indication, provided

that a minimum of 10 minutes elapses

between the first indication and the

opening or reopening of a stock. The

proposed rule shortens the time period

for indications and strikes an

appropriate balance between preserving

the price discovery process while

providing timely opportunities for

investors to participate in the market.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b)(5) of the

Act 3 in that it is designed to prevent

fraudulent and manipulative acts and

practices and to perfect the mechanism

of a free and open market.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed rule Change Received from

Members, Participants, or Others

No written comments were either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such longer period (i) as the

Commission may designate up to 90

days of such date if it finds such longer

period to be appropriate and publishes

its reasons for so finding or (ii) as to

which the self-regulatory organization

consents, the Commission will:

(A) by order approve the proposed

rule change, or

(B) institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.

Washington, D.C. 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. § 552, will be

available for inspection and copying at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–AMEX–97–

13 and should be submitted by April 17,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7782 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38422; File No. SR–PHLX

97–08]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Relating to Minimum Exercise Amount

for Customized Foreign Currency

Options

March 19, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

March 11, 1997, the Philadelphia Stock

Exchange, Inc. (‘‘PHLX’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the selfregulatory organization. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange, pursuant to Rule 19b–

4 of the Act, proposes to amend

Exchange Rule 1069(i) to revise the

minimum exercise amount for

customized foreign currency options

from 100 to 50 contracts. The text of the

proposed rule change follows (new text

is italicized, deleted text is in brackets):

Customized Foreign Currency Options

Rule 1069.

A foreign currency option participant

(‘‘participant’’) may request and obtain

quotes and execute trades in any foreign

currency option contract listed on the

Exchange with a non-listed exercise

price in accordance with this rule.

Participants may also request and obtain

quotes and execute trades in foreign

currency options contracts with

European-terms (inverses) or as a crossrate. To the extent that the provisions of

this rule are inconsistent with other

Exchange rules, this rule takes

precedence in relation to customized

foreign currency options.

(a)–(h) No change.

(i) Exercise of Customized Options.

When exercising customized options,

the lesser of [100] 50 contracts or the

remaining number of contracts must be

exercised and the exercise limits in Rule

1002 will apply.

(j)–(k) No change.