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4 April 2006 - US energy company Cinergy will now trade as Duke Energy after the last regulator involved granted Duke the necessary approval to create one of North America's largest energy companies.
All of Duke Energy's US franchised electric and gas utilities that previously traded under different names will also be known as Duke Energy.
Since the deal was first announced in May 2005, five state regulators and three national bodies have approved the merger. After Duke's and Cinergy's shareholders overwhelmingly backed the deal in early March, both boards awaited the decision of regulators in Indiana and North Carolina. Six other regulatory bodies had already approved the deal.
The combined company will have assets totalling more than $70bn, and around 5.5 million retail electric and gas customers in Ohio, Kentucky, Indiana, North Carolina, South Carolina and Ontario, Canada.
As part of the $9bn deal, Cinergy stockholders will receive 1.56 shares of the new Duke Energy.
Duke's previous chairman of the board, Paul Anderson, will continue in the role of the newly expanded company. Anderson said: "Our newly combined power business now joins our natural gas businesses to rank among the largest in North America."
James Rogers, Duke's new president and chief executive officer, formerly Cinergy chairman and chief executive officer, said: "The merger positions Duke Energy to meet future energy challenges and to grow."
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