Duke Energy Corp (DUK.N) and Progress Energy Inc (PGN.N) are confident they can meet conditions set by federal regulators and close their proposed merger by the end of the year, the companies said on Monday. A ruling late on Friday by the Federal Energy Regulatory Commission (FERC) conditionally authorized the proposed merger, a $13.7 billion deal that will create the United States' largest electric utility. In a joint statement, the two companies said they planned to file detailed measures within about two weeks to address the FERC's concerns about the adverse effect the combined company could have on the power markets in North and South Carolina. Progress Energy spokesman Mike Hughes said the companies expect to respond well ahead of FERC's 60-day deadline "to keep the process moving" so the merger can be closed by year-end.
Duke Energy Corporation (Duke Energy) is an energy company primarily located in the Americas. Shares of DUK fell by 1.4% or $-0.28/share to $19.71. In the past year, the shares have traded as low as $16.87 and as high as $20.21. On average, 13159600 shares of DUK exchange hands on a given day and today's volume is recorded at 15436701.
Progress Energy, Inc. (Progress Energy) is a utility holding company engaged in the regulated electric utility business. Shares of PGN fell by 2.05% or $-1.06/share to $50.66. In the past year, the shares have traded as low as $42.05 and as high as $52.42. On average, 1749390 shares of PGN exchange hands on a given day and today's volume is recorded at 2888679.
