Duke, Progress agree to new July merger deadline
January 10, 2012
By Emery Dalesio
Progress Energy and Duke Energy have agreed that July will be the new deadline for completing their merger to create the country’s largest electric utility.
The companies said in a filing last week to the Securities and Exchange Commission that they agreed to forgo an initial termination date in the merger agreement until July. The deal was valued at $13.7 billion when it was announced one year ago.
“The merger agreement provided for 18 months total time period. This filing indicated we have mutually agreed to extend that to the full 18 months,” Duke Energy spokesman Tom Williams said Tuesday. “We could go beyond 18 months if needed if the companies agree to an extension.”
The companies had pressed all of last year to complete their deal by the end of 2011. That target was upset when the Federal Energy Regulatory Commission said the companies haven’t done enough to protect competition in their North Carolina and South Carolina home markets.
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