Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, August 24, 2015

Southern Co becomes No.2 U.S. utility with $8 billion AGL deal, (NYSE: GAS)

Power producer Southern Co said it would purchase AGL Resources Inc for about $8 billion in cash to become the No. 2 U.S. utility by customers after Exelon Corp .AGL Resources' stock rose as much as 27.5 percent to a record $61.00 in morning trading on Monday, making it one of the few to trade higher amid a huge market selloff.Still, the shares were trading well below Southern Co's offer of $66 per share. Southern Co's shares were down 3 percent at $44.27.

Shares of GAS traded higher by 26.41% or $12.64/share to $60.50. In the past year, the shares have traded as low as $46.36 and as high as $61.75. On average, 598603 shares of GAS exchange hands on a given day and today's volume is recorded at 3470346.