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The N. Carolina Utilities Commission said late Friday that it is investigating the shock ouster...
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Sunday, July 8, 2012, 3:48 AM ETThe N. Carolina Utilities Commission said late Friday that it is investigating the shock ouster of Bill Johnson as the CEO of the merged Duke-Progress Energy (DUK), saying it might not have approved the deal had it known about the new "management structure." The state's AG is asking for documents to ascertain whether consumers were misled. Former Progress directors are furious.
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This news story has 9 comments:
I have been a shareholder of both DUK and PGN for years. If the government will get out of the way, DUK will sort this out.
wait and see what comes out of this before committing any funds to buy DUK.
http://onforb.es/LHii0q
The concerns have driven down the stock and I'm trying to figure out where its going to bottom to try to double up on my position.
It was hard to believe that a Progress exec would be the new CEO. Why was he removed? It seems overly obvious to me that he would not be the best person to oversee the downsizing of the executive office of the combined company where it was mentioned that over 2,000 Progress employees would be let go.
The overall savings are tremendous. Stockholders and rate payers will benefit in the long run. The Commission would be hard put to reverse the merger. All commentary with the most responsible coming from the Charlotte Observer is that the merger will continue. The cost and pain to reverse the merger would not be a rational decision. There would be no winners.
DUK stockholders should benefit from it in the long run and I encourage others to continue to buy the stock on any further weakness.
Jim Rogers will be in from of the Commission on Tuesday. His personality will shine through - I expect him to do an excellent job. Wednesday may be a pivotal point for the stock.