BGE to Buy PEPCO in $8 Billion Electric Utility Merger
Baltimore Gas and Electric Co. agrees to acquire Potomac Electric Power Co. in a deal valued near eight billion dollars. The merged group would serve Maryland and Washington, D.C., reduce expenses by about 1.3 billion over a decade, and cut roughly 10 percent of the combined 12,500 workforce through attrition. Regulatory approvals will take over a year with a 1997 closing target.
MENTIONED IN THIS ARTICLE
Annapolis
Baltimore Gas & Electric Co
Potomac Electric Power Co
Maryland
Washington, D.C
Panies
Christian H. Poindexter
BGE
Poind
PEPCO
Edward F. Mitchell
Alex Hart
Ferris, Baker Watts Inc
Baltimore
Hart
New York Stock Exchange
Baltimore Gas and Electric
Potomac Electric
Used home sales rise on low mortgage rates in August
Washington AP report shows August existing home sales at a 1 month high with 411 million annual rate, 3 percent above July and 5.1 percent above last year. Rates averaged 7.85 percent, aiding demand while inventories tightened to 5.1 months. national median used-home price climbed to 117600 dollars up 4.1 percent from a year earlier.
MENTIONED IN THIS ARTICLE
Washington
David Lereah
The
Mortgage Bankers Association
Edmund G. Woods Jr
National Association of Realtors
Federal Home Loan Mortgage Corp
Lereah
We've Got Frederick Written All Over Us
Frederick based initiative sparks regional pride as local group Hreterick Nefus Bast promotes community identity and ties to the city. Organizers urge participation in upcoming community event and celebrate local history.
MENTIONED IN THIS ARTICLE
Frederick
Hreterick Nefus-Bast
Fed not expected to cut rates further this week
Federal Reserve Chairman Alan Greenspan’s upbeat view of the economy has led analysts to expect no rate cut at the upcoming Federal Open Market Committee meeting. Some economists even foresee the end of rate reductions, with markets watching the Nov. 15 and Dec. 19 meetings for any shift. The July 6 cut lowered the federal funds rate from 6.0 to 5.7 percent, with banks’ prime rate dropping to 8.75 percent. The Antique Cellar opens in Frederick at 115 E. Patrick St, offering items between high end antiques and flea market finds, open 10am-6pm Fri-Sat and noon-6pm Sun.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Fed
Central Bank
Federal Open Market Committee
Greenspan
Senate Banking Committee
Sung Won Sohn
Norwest Corp
Minneapolis
E. Patrick St
Frederick
Jay Acquirre
Eastalco and union ratify six year contract
Eastalco Aluminum Co and Local 7886 United Steelworkers AFL CIO announce a six year agreement that runs from Oct 1 to Sept 30 2001. The 600 hourly workers ratified by a 4 to 1 margin and receive a signing bonus in year one plus a fourth year bonus. Wage increases are slated for years three five and six along with enhanced pension life vision and sickness insurance.
MENTIONED IN THIS ARTICLE
Buckeystown - Eastalco Aluminum Co
United Steelworkers of America
Afl-Cio
Eastalco
Buckeystown
Bell Atlantic offers 10.2 percent raise over three years
Washington AP reports Bell Atlantic proposed a 10.2 percent wage increase over three years to a union representing most employees. The offer tops the company’s prior proposal but remains below deals reached by five other regional Bell companies and unions. The Communications Workers of America had no immediate comment. Bell Atlantic hopes the proposal will lead to a new accord.
MENTIONED IN THIS ARTICLE
Washington
Bell Atlantic
Bell
Communications Workers of America
Also Mentioned on This Page
Hagerstown
New Business
Ana
Gladhill Furniture
West Main St
Middletown
Urbana
Washington D.C. Area
Levant Hermann
Ccim United Commerce CO
Ed Stanfield
Maryland Real Estate
Frederick County
Antietam
Brunswick
East Frederick
FSK Mall
Mt Airy
Rosemont
Walkersville
Damascus
Montgomery County
FDIC
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