New Orleans-based Entergy Corp on Friday called off a $1.78 billion plan to divest its transmission operations to ITC Holdings Corp, three days after utility regulators in Mississippi rejected the plan.The transaction - first announced in 2011 - had received federal and ITC shareholder approval, but was unable to get the necessary support from state and local regulators who were concerned about rising transmission costs and the loss of control over rates.An unanimous rejection by the Mississippi Public Service Commission on Tuesday effectively killed the deal."It's disappointing to have the transaction end the way that is has after over two years of working on it," said Cameron Bready, ITC's chief financial officer.
ITC Holdings Corp. (ITC Holdings) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries. Shares of ITC traded higher by 0.55% or $0.52/share to $94.22. In the past year, the shares have traded as low as $75.57 and as high as $106.74. On average, 322136 shares of ITC exchange hands on a given day and today's volume is recorded at 294788.
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