Duke Energy Corporation (NYSE:DUK), Progress Energy, Inc. (NYSE:PGN) Hit Highs As $17.9 Billion Deal Gets Approval – EDN, GRH
Duke Energy Corporation (NYSE:DUK) shares hit a new high after federal regulators cleared its purchase of Progress Energy, Inc. (NYSE:PGN) in a contract that will create the country’s biggest electric utility. By the end of the session however, DUK shares moved back down into negative territory while shares of PGN also hit highs but managed to close up.
The Federal Energy Regulatory Commission gave an approval for the deal Friday after spending more than a year on talks. Duke, based in Charlotte, N.C., submitted the proposal to acquire Raleigh, N.C.-based Progress in January 2011, and the transaction is currently worth nearly $17.9 billion. The merger will create the leading U.S. utility, serving 7 million customers in North and South Carolina, Florida, Indiana, Ohio and Kentucky.
Duke Energy Corporation (NYSE:DUK) showed 10.33% as a profit margin in the last twelve months and an operating margin at 16.96%. Return on equity was 6.53% for the last twelve months. Return on assets was 2.48%.
Along industry lines, EDENOR S.A. (ADR) (NYSE:EDN) had a -5.97% as profit margin in the last twelve months and an operating margin at 0.82%. Return on assets was -2.96%.
GreenHunter Energy, Inc (AMEX:GRH) recorded a profit margin of -123.57% for the prior 12 months and had an operating margin of -106.27%. Return on assets for this stock was -14.01%.