Texas utility regulators approved a motion on Friday to allow Entergy Corp and ITC Holdings to withdraw a plan to transfer Entergy's electric transmission assets in Texas to ITC.Facing likely rejection by the Texas Public Utility Commission, or PUC, the companies asked that the $1.78 billion proposal be withdrawn so they can resubmit the plan with additional information on how they will offset higher costs for rate-payers.The transaction, a spin-off and merger of Entergy's 15,400-mile transmission network serving parts of Arkansas, Louisiana, Mississippi and Texas, requires action by a number of other state and local regulators.The Texas commission was the first state regulator to vote on the proposal and faced a deadline later this month to act.
ITC Holdings Corp. (ITC Holdings) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries. Shares of ITC fell by 0.87% or $-0.81/share to $92.03. In the past year, the shares have traded as low as $70.75 and as high as $99.33. On average, 251138 shares of ITC exchange hands on a given day and today's volume is recorded at 214068.
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