Excelon Corp (EXC)

[Timothy Smith]

Exelon (EXC +1.9%) is on the verge of a tentative agreement with the mayor of Washington, D.C., on its $6.8B proposal to buy Pepco (POM +1.3%), Bloomberg reported over the weekend.

The draft agreement is said to include more customer credits than EXC and POM initially proposed, and would require EXC to establish a second headquarters in D.C., where POM already is based.

An agreement with the mayor’s office would mark a step forward in EXC’s attempt to resurrect its bid for POM after the D.C. Public Service Commission rejected the deal in August, saying the terms would not benefit customers.

Earlier: Pepco, Exelon ask D.C. regulator to reconsider merger rejection (Sep. 28)