Summary
This 8-K filing by Exelon Corporation (EXC) announces a significant regulatory milestone for its proposed merger with Public Service Enterprise Group Incorporated (PSEG). On January 27, 2006, the Pennsylvania Public Utility Commission (PAPUC) approved the merger, which had been previously agreed upon in December 2004. This approval is a critical step towards consummating the transaction, with the PAPUC Chairman indicating the merger is in the public interest. The approval follows an initial decision by an administrative law judge in November 2005, which recommended the PAPUC accept a settlement reached by PECO Energy Company (a subsidiary of Exelon) with various parties in the merger proceeding. This development removes a key regulatory hurdle and brings Exelon closer to integrating PSEG's operations.
Key Highlights
- 1Exelon Corporation's merger with Public Service Enterprise Group Incorporated (PSEG) received approval from the Pennsylvania Public Utility Commission (PAPUC) on January 27, 2006.
- 2The PAPUC Chairman stated that the merger is considered to be in the public interest.
- 3This approval is a key regulatory step towards the completion of the merger transaction.
- 4The decision follows a favorable recommendation from an administrative law judge in November 2005 regarding a settlement involving PECO Energy Company.
- 5The filing includes a press release from PECO announcing the PAPUC's approval.
- 6The merger was originally announced on December 20, 2004.