Duke Energy to buy Cinergy in $9 billion stock deal
Duke Energy Corp agrees to acquire Cinergy Corp in a $9 billion stock deal creating one of the nation's largest power generators with 5.4 million retail customers and about $1.9 billion in annual profit. The merger would place the combined electric operations among the top five in the U.S. and the gas arm as North America’s largest. The companies expect regulatory review to take at least a year and plan to cut about 1,500 jobs. Cincinnati Mayor Luken and Ohio Consumer's Counsel said they will seek consumer protection.
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