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Progress Energy declines comment about Duke Energy merger report

Posted January 7, 2011

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— Officials at Raleigh-based Progress Energy (NYSE: PGN) are not commenting about media reports that the utility firm is possibly talking merger with Charlotte-based Duke Energy (NYSE: DUK).

Reports broke Thursday that talks might be underway.

"We don't comment on any of that stuff if it's speculation," said Mike Hughes, a spokesman for Progress Energy.

Progress shares trade up 1.6 percent Friday at $44.58 per share. On Thursday, shares jumped after the first report about the talks from financial news site DealReporter.com.

Progress closed Thursday at $43.90, up $1.1, but they did peak at $44.48 on the rumor talk.

Duke shares remained flat Friday after falling 4 cents Thursday.

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  • Mark G Jan 7, 2011

    This would be yet another sad creation of a way-too-big company. I have never seen a company grow much bigger that gets any better.

    The government has stopped enforcing anti-trust laws that prevent the creation of the so-called "too-big-to-fail" companies.

    Personally, I don't like big government OR big companies.