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25 July 2005 - Exelon Corporation's shareholders have approved the company's proposed acquisition of Public Service Enterprise Group (PSEG), who's own shareholders voted in favour of the deal last Tuesday.
John W. Rowe, chairman, president and CEO of Exelon, said: "With approvals from shareholders and the Federal Energy Regulatory Commission, we are past two important milestones on our way to creating Exelon Electric and Gas."
The merger will be completed in the second quarter of 2006, pending regulatory approvals from the New Jersey Board of Public Utilities and Pennsylvania Public Utility Commission, as well as reviews by US Department of Justice, Nuclear Regulatory Commission, and Securities and Exchange Commission, among others.
The approval of the merger was announced at the company's annual shareholders meeting last week where Rowe said he did not expect to build any more nuclear power plants until the issue of storing spent fuel had been sorted by the government. He stated that most companies shared this view.
Rowe also said that the company would not be looking to make any further acquisitions in the near future.
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