Duke, Progress Energy's $32B Deal OK, NC Court Says

Law360, New York (March 4, 2014, 9:16 PM EST) -- A North Carolina appeals court Tuesday upheld the 2012 state regulatory decision that allowed energy giant Duke Energy Corp. to purchase Progress Energy Inc. in a $32 billion deal that created the country's largest electric company.

The three-judge panel found that the North Carolina Utilities Commission had not erred when it approved the merger on the grounds of public convenience and necessity, rejecting a challenge from the city of Orangeburg, S.C., and the nonprofit North Carolina Waste Awareness and Reduction Network, or NC WARN, claiming the...
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