Report: Duke Energy, Progress Energy In Merger Talks

By Business Courier of Cincinnati

**UPDATE: Duke confirmed plans to buy Progress. Read that story here.

A report that Duke Energy Corp. and Progress Energy Inc. have started preliminary merger talks has apparently set Progress stock trading higher, according to the Charlotte Business Journal.

The report was first made Thursday on financial-reporting site DealReporter.com. It was picked up by Bloomberg the same day and sent Progress stock prices up sharply at the end of the day.

The stock had been trading between $42.60 and $42.80 most of the day Thursday. It spiked at $44.17 late in the day and settled at $43.90 at the close.

It was trading above $44 at noon Friday.

Neither Duke nor Raleigh-based Progress would comment on the report. ⿿We don⿿t comment on any market speculation,⿝ said Progress spokesman Mike Hughes.

In 2010, Charlotte-based Duke was involved in the bidding for two utilities that German power conglomerate E.On AG owned in Kentucky. It lost in that effort to Pennsylvaniaâ¿¿s PPL Corp., which bought the utilities for $7.6 billion.

Duke Energy (NYSE: DUK) includes the former Cincinnati Gas & Electric Co., Union Light, Heat and Power in Kentucky and PSI Energy in Indiana. The company also operates Duke Power in the Carolinas.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/cincinnati/news/2011/01/07/report-duke-energy-progress-energy.html?ana=thestreet

Copyright bizjournals.com 2010

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