Westar still plans to sell ONEOK stock

(Topeka-AP) -- The state's largest electric company is still planning to sell a major asset and raise cash to pay down its debt. <br><br>But a dispute over the transaction is looming. <br><br>Westar

Thursday, August 29th 2002, 12:00 am

By: News On 6

(Topeka-AP) -- The state's largest electric company is still planning to sell a major asset and raise cash to pay down its debt.

But a dispute over the transaction is looming.

Westar Energy announced today that it will attempt to sell its stock in Oklahoma-based ONEOK (ONE-OAK). Westar owns 42-point-five percent of the natural gas company.

Westar had hoped to sell the ONEOK stock back to ONEOK for 971 (m) million dollars. But last week, ONEOK announced it would not make the purchase.

David Wittig is Westar's chairman, president and chief executive officer. He told reporters others are interested in buying Westar's share in ONEOK.

Wittig even described ONEOK's decision as helpful to Westar, because it increases the chances that Westar will get the maximum value possible for the stock.