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Duke in talks to acquire Progress Energy

NEW YORK (AP) ó Duke Energy is close to a deal to buy utility holding company Progress Energy for more than $13 billion, according to The Wall Street Journal, which cited people familiar with the matter.
An announcement of the all-stock deal could come as early as Monday, the Journal said.
Both of the companies have big investments in nuclear-power projects and are based in North Carolina.
Including $11.4 billion in Progressís long-term net debt and excluding the $691 million in cash it had as of Sept. 30, the total deal value is $24 billion to $26 billion.
, the Journal attributed to its person familiar with the matter.
One person told the Journal that Including $11.4 billion in Progressís long-term net debt and excluding the $691 million in cash it had as of Sept. 30, the total deal value is $24 billion to $26 billion.
Representatives of Duke couldnít be reached, while Progress declined to comment.
Progress shares closed at $44.72, up 82 cents, Friday, while Duke was up 5 cents at $17.79.
The Associated Press
01/09/11 20:37

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