Cinergy (CIN) and Duke Energy (DUK) today announced they have entered into a definitive merger agreement to create an energy company with approximately $36 billion in market capitalization and 5.4 million retail customers.
The merger, which was unanimously approved by both companies' boards of directors, will create a combined energy company with assets totaling more than $70 billion.
The combined company, to be named Duke Energy Corporation, will have approximately $27 billion in annual revenues and $1.9 billion in annual net income (combined figures as of Dec. 31, 2004). It will own and/or operate approximately 54,000 megawatts of electric generation domestically and internationally -- relying on a diverse fuel mix of nuclear, coal, natural gas and hydroelectric power to meet customers' needs.
More later.
Technorati tags: Nuclear Energy, Environment, Energy, Politics, Technology, Economics
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