Shareholders approve Duke Energy merger

September 01, 2011

More than 90 percent of the shareholders of Duke Energy voted to approve the investor-owned utility’s proposed merger with Progress Energy. Shareholders of that utility also approved the combination, which will serve the nation’s largest regulated customer base. The merged company will provide service to nearly 7.1 billion customers throughout North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio, with about 57 gigawatts of generating capacity and the nation’s largest regulated nuclear fleet.

As part of the transaction, Duke Energy shareholders approved a 1-for-3 reverse stock split. Progress Energy shareholders will receive Duke Energy common stock when the transaction is completed later this year. Bill Johnson, Progress Energy’s current chairman, president, and CEO, will serve as president and CEO of the new company. Duke Energy Chairman, President and CEO Jim Rogers will serve as executive chairman for two years.