Duke Energy Corp (DUK)

[roger wilco]

Duke Energy To Expand Gas Business With $4.9 Billion Purchase
http://finance.yahoo.com/news/duke-energy-expand-gas-business-194757809.html

The sale has already been approved by the management of both companies and is expected to close by the end of 2016. Still needed is the approval of Piedmont’s shareholders and the North Carolina Utilities Commission. Duke and Piedmont must also give details of the deal to the Public Service Commission of South Carolina and the Tennessee Regulatory Authority.

It’s not clear whether all the regulators will perceive the transaction as beneficial to customers as Duke and Piedmont do. Christopher Ayers, the executive director of the North Carolina Utilities Commission’s Public Staff, told the Charlotte Observer: “Our standard is that the benefits to consumers have to outweigh the costs and risks. Once the filings are made, we will do a deep dive on all their numbers to make sure consumers are not harmed in this process.”

If the deal goes through, Piedmont would keep a measure of autonomy. Duke will also appoint a member of Piedmont’s board to its own board, and a Piedmont manager will run Duke’s gas operations in the Carolinas, Kentucky, Ohio and Tennessee.