Duke Energy shareholders say yes to Progress Energy merger

Duke Energy shareholders specifically approved a 1-for-3 reverse stock split as well as the issuance of Duke Energy common stock to Progress Energy shareholders upon closing of the merger transaction

Charlotte, N.C., August 23, 2011 Duke Energy shareholders approved the proposed merger with Progress Energy. More than 90 percent of the Duke Energy shares voted supported the proposal.

Duke Energy shareholders specifically approved a 1-for-3 reverse stock split as well as the issuance of Duke Energy common stock to Progress Energy shareholders upon closing of the merger transaction. The reverse stock split is designed to reduce the number of outstanding Duke Energy shares.

Progress Energy shareholders also approved the merger during a separate meeting in Raleigh.

"Our shareholders have voiced their strong support for the merger between these two companies," said Jim Rogers, chairman, president and chief executive officer of Duke Energy. "The merger will increase our ability to more economically modernize our generation fleet and grid while providing significant savings to customers through improved fuel purchasing power and greater plant dispatch efficiency.

"At its core," Rogers continued, "the merger enhances both companies' abilities to ensure strong shareholder value, provide exceptional customer service and deliver affordable and reliable electricity in the face of current high levels of economic, regulatory, and industry uncertainty."
The merger is on track to close by the end of the year.
More in Transmission & Distribution