"Having served as CEO of Duke and its predecessor companies for more than 23 years, Jim Rogers is well-suited to lead the integration effort and to drive our combined businesses forward," said Ann Maynard Gray.”The board of directors looks forward to working with Jim and the rest of the executive team to enhance our position as a utility with financial strength and a greater ability to meet the needs of our customers."
Duke Energy will trade on the New York Stock Exchange under the symbol DUK. On a standalone basis, Duke Energy had adjusted diluted earnings per share (EPS) guidance range for 2012 of $1.40 to $1.45. Due to the effect of the 1-for-3 reverse stock split, which was completed in connection with this merger transaction, this guidance range is the equivalent of $4.20 to $4.35 per share. The combined company continues to target a 2012 adjusted diluted EPS guidance range of $4.20 to $4.35.
The new Duke Energy has approximately $49 billion in market capitalization, total assets of more than $100 billion, and 7.1 million electric customers in the Carolinas, Florida, Indiana, Kentucky and Ohio. The regulated utilities will comprise a higher proportion of Duke Energy's post-merger business mix.
Duke Energy's major commercial operations include Duke Energy International, which operates power plants in Central and South America; Duke Energy Renewables, which develops and owns wind and solar projects in the United States; and Duke Energy's Midwest generation and Duke Energy Retail, which generate, market and sell electricity in the Midwest.
When the merger was announced on Jan. 10, 2011, the transaction value totaled $26 billion, including Progress Energy's debt. Today, based on Duke Energy's share price and including Progress Energy's debt, the transaction is valued at about $32 billion.
To view a video sampling of the company's generation assets, click here.
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Edited by Brooke Neuman
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