Duke Energy (DUK) and Progress Energy (PGN) Issue Statement Regarding Merger
Tweet
Share
E-mailGet Alerts DUK Hot Sheet
Price: $98.96 +0.77%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 4.4%
Revenue Growth %: -2.6%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 4.4%
Revenue Growth %: -2.6%
Join SI Premium – FREE
Duke Energy (NYSE: DUK) and Progress Energy (NYSE: PGN) announced they remain committed to proceeding with their planned merger.
"The companies' legal and regulatory teams are currently reviewing the order issued late yesterday by the Federal Energy Regulatory Commission (FERC) related to the agency's concerns about market power. The companies are planning to submit a revised mitigation proposal as soon as the analysis of the commission's order is complete and after any required notice to the North Carolina and South Carolina commissions.
"The FERC's action changes the companies' timeline for closing the merger. The earliest close date would be in March, but will ultimately depend upon the regulatory approval process. The companies are evaluating the regulatory calendar and will communicate a new target close date for planning purposes in the near future.
"The FERC ruling does not call into question the benefits of the merger. The combination of Duke Energy and Progress Energy will provide clear benefits for our customers, including overall lower corporate costs and $650 million in guaranteed benefits to customers in the Carolinas from the joint dispatch of the utilities' generation fleets and from power plant fuel savings."
To date, the companies have received merger-related approvals from, or met the requirements of, the: U.S. Department of Justice; U.S. Nuclear Regulatory Commission; Federal Communications Commission; Kentucky Public Service Commission; and Shareholders of both companies
"The companies' legal and regulatory teams are currently reviewing the order issued late yesterday by the Federal Energy Regulatory Commission (FERC) related to the agency's concerns about market power. The companies are planning to submit a revised mitigation proposal as soon as the analysis of the commission's order is complete and after any required notice to the North Carolina and South Carolina commissions.
"The FERC's action changes the companies' timeline for closing the merger. The earliest close date would be in March, but will ultimately depend upon the regulatory approval process. The companies are evaluating the regulatory calendar and will communicate a new target close date for planning purposes in the near future.
"The FERC ruling does not call into question the benefits of the merger. The combination of Duke Energy and Progress Energy will provide clear benefits for our customers, including overall lower corporate costs and $650 million in guaranteed benefits to customers in the Carolinas from the joint dispatch of the utilities' generation fleets and from power plant fuel savings."
To date, the companies have received merger-related approvals from, or met the requirements of, the: U.S. Department of Justice; U.S. Nuclear Regulatory Commission; Federal Communications Commission; Kentucky Public Service Commission; and Shareholders of both companies
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
- Cidara Therapeutics (CDTX) Announces Divestiture of Rezafungin to Mundipharma
- Fed to extend through May 31, 2024, the public comment period for the application by Capital One Financial (COF) to acquire Discover Financial Services (DFS)
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
