Progress Energy Shareholders Overwhelmingly Approve Merger With Duke Energy

Shareholders of Progress Energy Inc. PGN have overwhelmingly approved the proposed merger with Duke Energy DUK. At a special shareholders' meeting held this morning in Raleigh, more than 95 percent of the Progress Energy shares voted were in favor of the merger. Most votes had been cast in electronic balloting in the last several weeks, with some shareholders voting at the meeting today. In a separate meeting in Charlotte today, Duke Energy's shareholders also approved the merger. Under the merger agreement announced Jan. 10, 2011, and approved today, each share of Progress Energy's common stock will be converted into 2.6125 shares of Duke Energy common stock upon closing of the merger, to be adjusted for the reverse stock split approved by Duke Energy shareholders today. The companies expect the merger to close by the end of the year.