BusinessMay 5, 1997
BUSINESS MEMO: PANENERGY/DUKE MERGER
Duke Power Co. and PanEnergy Corp. shareholders have voted to proceed with the proposed $7.7 billion merger with Duke Power Co., creating one of the largest providers of energy and energy services in North America. "Now that PanEnergy and Duke have received shareholder approval, we can proceed with integrating both companies into the new Duke Energy Corporation, subject to final regulatory approval," said Paul Anderson, chairman, president and chief executive officer...
Duke Power Co. and PanEnergy Corp. shareholders have voted to proceed with the proposed $7.7 billion merger with Duke Power Co., creating one of the largest providers of energy and energy services in North America.
"Now that PanEnergy and Duke have received shareholder approval, we can proceed with integrating both companies into the new Duke Energy Corporation, subject to final regulatory approval," said Paul Anderson, chairman, president and chief executive officer.
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Duke Energy, which will be headquartered in Charlotte, N.C., with major operations in Houston and Denver, will become the second largest marketer of electricity and the third largest marketer of natural gas in North America. PanEnergy is headquartered in Houston.
Under terms of the merger, each outstanding share of PanEnergy common stock will be converted into 1.0444 shares of Duke Power.
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