Duke Energy Shareholders Approve Progress Energy Merger; Shareholders Approved A 1-for-3 Reverse Stock Split As Well

Duke Energy DUK shareholders today overwhelmingly approved the proposed merger with Progress Energy. More than 90 percent of the Duke Energy shares voted supported the proposal. Duke Energy shareholders specifically approved a 1-for-3 reverse stock split as well as the issuance of Duke Energy common stock to Progress Energy shareholders upon closing of the merger transaction. The reverse stock split is designed to reduce the number of outstanding Duke Energy shares. Progress Energy shareholders also approved the merger this morning during a separate meeting in Raleigh.