Duke Energy buying Progress energy for $13 billion

[phantom power]

NEW YORK (AP) — Duke Energy (DUK) is buying Progress Energy (PGN) for more than $13 billion in stock, in a deal that would create one of the nation's largest utilities.

The transaction, announced Monday by the two North Carolina companies, would create a business with about 7.1 million electric customers in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio.

...

The agreement is the latest in a string of utility deals. In November, PPL (PPL) bought Louisville Gas and Electric and Kentucky Utilities from Germany's E.On. In December, Dynegy reached a deal to be acquired by Icahn Enterprises. And last year, First Energy (FE) agreed to acquire Allegheny Energy while Northeast Utilities (NU) agreed to buy NStar, though those deals have yet to be completed.

...

When the deal is completed, Jim Rogers, Duke Energy's chairman, president and CEO, will become executive chairman of the new company. He will advise the company on strategic matters and serve as the company's lead spokesperson on energy policy.

http://www.usatoday.com/money/industries/energy/2011-01-10-duke-progress-energy-merger_N.htm