Southern Union shareholders to nominate four for election to board

By Lisa Kerner

Charlotte, N.C., Dec. 9 - Southern Union Co. shareholder Castlerigg Master Investments, an affiliate of Sandell Asset Management Corp., said it plans to nominate Stephen Beasley, Michael Egan, Keith Gollust and Nick Graziano for election to the company's board of directors at Southern Union's 2009 annual meeting.

The investor also intends to conduct a proxy solicitation seeking to elect the nominees to the board, according to a schedule 13D/A filed with the Securities and Exchange Commission.

In September, Sandell opposed the "generous new compensation agreements" the Houston gas company entered into with its top five executives and 20 other officers.

Sandell, an investment management firm with a 9.9% interest, reiterated its belief that Southern Union's management should sell the company, it was previously reported.

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