Duke-Progress agree to new July merger deadline


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Submitted: Tue, 01/10/2012 - 5:07pm
Updated: Tue, 01/10/2012 - 5:10pm
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RALEIGH, NC (AP) — Progress Energy and Duke Energy have set July as their new deadline for completing their merger creating the country’s largest electric utility.

The companies said in a filing with the Securities and Exchange Commission that they agreed last week to forgo a termination date in the merger agreement until July. A Duke Energy spokesman did not immediately respond to messages seeking comment Tuesday.

The companies had pressed all of last year to complete their deal by the end of 2011. That target was upset when the Federal Energy Regulatory Commission said the companies haven’t done enough to protect competition in their North Carolina and South Carolina home markets.

Duke and Progress said last month that revising their deal to satisfy federal regulators would take until March at the earliest.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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3 Comments on "Duke-Progress agree to new July merger deadline"


Guest7969
2015 years 8 months ago

there went my raise for the year…look for about a 40% increase!

2015 years 8 months ago

Dangerous, very dangerous.

Commonsensenotcommontoday
2015 years 8 months ago

As we saw yesterday, however, with that phony-baloney dividend pro-rating, the shareholders and laid-off employees will fund this merger. Duke is coming after the goose that lays the golden eggs, and they will squeez the life out of it to get the next one.