Friday, March 18, 2011

Progress Energy sought buyers before Duke | Charlotte Business Journal

John Downey

Duke announced plans Jan. 10 to buy Progress for $13.7 billion. But Progress' first merger discussions were with Dominion Resources, a Virginia-based utility, in June 2009, according to a filing Duke made Thursday afternoon with the Securities and Exchange Commission.


Dominion would later seek to buy both Duke and Progress after the Duke-Progress deal was announced. Although Dominion is not named in the filing, the description of events makes it clear it was the first potential partner for Progress.




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