Progress Energy Inc. rose to its highest price in more than 31 years after federal regulators conditionally approved Duke Energy Corp.'s acquisition proposal. A Federal Energy Regulatory Commission order issued late Friday is “positive” and the companies are working to gain final merger approvals from state regulators by July 1, they said.
MARKET MOVERS
Utilities’ merger deal advances
jim bounds/bloomberg news/file 2011
Duke Energy’s $17.8 billion purchase of Progress Energy would create the largest US electric utility owner. Above, Progress Energy’s plant in New Hill, N.C.