Shareholders approve Duke-Progress Energy merger

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Shareholders of Progress Energy and Duke Energy approved a proposed merger of the companies Tuesday, a key step in a mega-deal that would affect Florida’s second-largest utility, reports the News Service of Florida. The North Carolina-based companies announced the merger in January and, pending regulatory approvals, it is expected to close by the end of the year. Progress Energy’s Florida subsidiary serves large parts of Central and North Florida. Under terms of the deal, Progress stockholders will get about 2.6 shares of Duke stock for each share of Progress stock. Progress Chairman and CEO Bill Johnson released a statement after the votes pointing to “century-long traditions of success” at the companies. “Our shareholders agree that combining them will make for an even stronger company — one equipped to meet the significant energy challenges ahead with enhanced value to our shareholders while meeting our customers’ needs reliably, affordably and in an environmentally sound manner,” Johnson said.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.