By Triangle Business Journal

A report that Duke Energy Corp. and Progress Energy Inc. have started preliminary merger talks has apparently sent Progress stock trading higher.

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 to $44.17 late and settled at $43.90 at the close.

It was trading above $44 by mid-afternoon Friday.

Neither Charlotte-based Duke (NYSE: DUK) nor Raleigh-based Progress (NYSE: PGN) would comment on the report. ⿿We don⿿t comment on any market speculation,⿝ said Progress spokesman Mike Hughes.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/triangle/news/2011/01/07/report-duke-energy-progress-energy-merge.html?ana=thestreet
Copyright bizjournals.com 2010