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Monday, January 10, 2011

Duke Energy to buy Progress Energy for $13.7 bln, (NYSE: DUK), (NYSE: PGN)

Duke Energy (DUK.N) said it agreed to buy Progress Energy Inc (PGN.N) for $13.7 billion in stock, to create the largest U.S. power company. Duke said Progress Energy shareholders would receive 2.6125 shares of common stock of Duke Energy for each share held, or $46.48 per share, representing a 4 percent premium to the stock's Friday close on the New York Stock Exchange. Duke Energy said it also will assume about $12.2 billion in Progress Energy debt. [ID:nASA01CPN]