Merger

The State of Things
11:49 am
Wed July 16, 2014

Changing Industries in North Carolina

Industry consolidation and reorganization is happening in the tobacco, pharmaceutical and health care industries in North Carolina.

    

Reynolds American and Lorillard, two of the country’s biggest tobacco producers, announced a merger yesterday that is expected to reshape the tobacco industry. 

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Business & Economy
7:36 am
Mon August 26, 2013

Duke Energy Asks Court To Dismiss Merger Appeal

Credit Creative Commons/Jc3s5h

Duke Energy has filed a motion to dismiss an appeal of the ruling that confirmed the merger with Progress Energy. 

The appeal from the environmental group NC WARN says the state Utilities Commission was wrong to exclude outside parties from an investigation of the merger.  Regulators were looking into why Progress Energy CEO Bill Johnson was ousted as leader soon after the deal was complete last year. 

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Business & Economy
9:00 am
Fri July 27, 2012

Watchdog Continues Duke Progress Merger Fight

The watch-dog group NC Warn continues to fight against the merger of Duke Energy and Progress Energy.  Yesterday the group filed motions with state regulators to try to re-open the merger hearings.

Leoneda Inge:  One claim NC Warn is making involves more than two-billion dollars Duke Energy plans to spend repairing and upgrading Progress Energy’s nuclear plants.   Jim Warren is executive director of NC Warn. He says Duke Power never disclosed that figure during the merger hearings. Warren fears customers will end up paying in the end.

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Business & Economy
5:50 pm
Fri July 20, 2012

Duke Energy Board Members Testify

There were signs early in the Duke-Progress Energy merger process that Bill Johnson would not have a long tenure at the combined company.  Ann Gray is the lead director on the Duke Energy board of directors.   She told the North Carolina Utilities Commission today the board did not have a good impression of Johnson at one of their first meetings in 2010.

Ann Gray:  He did describe himself as being an individual who likes to learn but not be taught. That was an expression that stayed with our board and we watched for that to develop.

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Business & Economy
6:30 am
Wed July 11, 2012

Duke Energy CEO Defends Leadership Change

State regulators had some tough questions for Duke Energy’s CEO at a hearing in Raleigh yesterday. They wanted to know why the company switched CEOs as soon as its merger with Progress Energy was completed.

Ed Finley: Mr. Rogers, if you'll come around and be sworn please.

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Business & Economy
3:55 pm
Tue July 3, 2012

Duke Energy Finalizes Merger

Duke Energy is now the largest utility in the country. But the company is moving forward without its expected leader.

Gurnal Scott: Duke Energy held a conference call with reporters to mark the merger's completion. And board member Anne Maynard Gray had another announcement.

Anne Maynard Gray: Bill Johnson has resigned as president and chief executive officer of the combined company by mutual agreement with the board.

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Business & Economy
2:03 pm
Fri June 29, 2012

State Utilities Commission Approves Duke Energy Merger

North Carolina utilities regulators have approved the merger of Duke Energy and Progress Energy, the last major hurdle to creating the largest American electric company. North Carolina Utilities Commission Chairman Edward Finley Jr. said Friday the deal was the best possible in an environment of energy industry consolidation. Finley says it was preferable for the two North Carolina-based companies to combine rather than be bought up by a company elsewhere. Conditions to the merger include the companies passing along at least $650 million in savings to customers.

Business & Economy
6:10 am
Tue June 26, 2012

State Regulators Consider Duke-Progress Merger

The decision to permit a Duke Energy-Progress Energy merger in now in the hands of state regulators.

Gurnal Scott: North Carolina Utilities Commission chairman Ed Finley was non-committal after yesterday's hearing.

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Business & Economy
6:10 am
Mon June 25, 2012

Final Hearing Today On Duke-Progress Merger

Duke Energy officials hope a state Utilities Commission hearing today is the final hurdle before a merger with Progress Energy is complete.

Gurnal Scott: The commissioners will hear from company leaders about how consumers will be protected as Duke Energy seeks to become the nation's largest utility. Spokesman Tom Williams says the last year and a half since announcing the 26 billion dollar merger has prepared them.

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