Replies to post #140 on Duke Energy Corp (DUK)

[johnsyn]

"Duke Energy expects to effect a reverse stock split immediately prior to closing, and, as a result, the exchange ratio will be appropriately adjusted at that time to reflect the reverse split."

Aug 23rd was the proxy vote to approve the merger, Sept 2-partial approval was received in North Carolina, Sept 6th, another partial approval was received in South Carolina: http://www.regulatorystaff.sc.gov/news/9-6-11pressreleasedukeprogressmerger.pdf

I'm not sure how many more states have to give approval. I do know they are still waiting on the Nuclear Commission approval.

[johnsyn]

The merger is on track to close by the end of the year. The combined company will be the country’s largest utility, with:

Approximately $65 billion in enterprise value and $37 billion in market capitalization (as of Dec. 31, 2010).
The country’s largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories -- North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio.
Approximately 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources.
The largest regulated nuclear fleet in the country.
Bill Johnson, Progress Energy’s current chairman, president, and chief executive officer, will take the helm of the new company as the president and chief executive officer upon completion of the merger.

Rogers will serve as executive chairman for two years post merger. He will advise Johnson and the board on strategic matters, play an active role in government relations and technology development, and serve as the company’s lead spokesperson on energy policy.

Integration planning is under way, with leaders from both companies assuming key management roles in the new organization.

The companies have made all appropriate regulatory filings and have received approval from some state and federal agencies, with others pending:

The companies have satisfied Federal Trade Commission and U.S. Department of Justice review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The Kentucky Public Service Commission approved, subject to conditions, the merger application this month.
The Federal Communications Commission has approved the transfer of the Progress Energy licenses to Duke Energy.
Merger-related hearings are scheduled for Sept. 20 by the N.C. Utilities Commission.
A procedural schedule for the Public Service Commission of South Carolina Commission is expected shortly.
The Federal Energy Regulatory Commission and the Nuclear Regulatory Commission are expected to issue rulings this fall.

[johnsyn]

So-it looks like the Nuclear Commission is the only outstanding approval. Once that's done, they can start the closing. Once there is no indication that the closing is NOT going to be contested and will go thru, then they'll do the split.