Duke CEO: We may have to give up on merger | News

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Duke CEO: We may have to give up on merger

Submitted by Nick Needham

Thursday, May 3rd, 2012, 2:27pm

Topics: News

CHARLOTTE, NC (WBTV)- Duke Energy's CEO says that he believes a merger with Progress Energy will happen by the companies' summer deadline, but if federal regulators reject their merger proposal with Progress Energy for a third time, they may have to give up.

Rogers made the comments at the company's annual shareholders' meeting in uptown Charlotte Thursday morning.

"We've worked to get regulatory approval at both the state and the federal level, and the federal regulatory commission has rejected us twice. Quite frankly, they didn't give us a clear reason," Rogers said. " They told us there was a problem, but they didn't tell us how to fix it. So we filed again, and this time it will be either third time charm or three strikes and you're out."

Federal regulators have twice struck down the merger proposal between Duke Energy and Raleigh-based Progress Energy.

The companies want to have the merger finalized by July 8.