Ex-Progress CEO Says Duke Tried To Exit Merger

Law360, Los Angeles (July 19, 2012, 6:38 PM EDT) -- Ousted Progress Energy Inc. CEO Bill Johnson told the North Carolina Utilities Commission on Thursday that Duke Energy Corp. unexpectedly tried to withdraw from yearlong plans to acquire Progress after federal regulators demanded the companies do more to protect competition.

Duke, concerned about additional regulatory costs, attempted to delay the deal until July 8, when the merger agreement between the two companies was scheduled to expire, Johnson told the commission. Plans to integrate the two companies came to a standstill after the Federal Energy Regulatory Commission...
To view the full article, register now.