UPDATE 1-Duke, Progress Energy extend merger termination date

Mon Jan 9, 2012 5:04pm EST

Jan 9 (Reuters) - Duke Energy and Progress Energy said they would extend by six months the termination date of their $13.7 billion merger, days after energy regulators snubbed a proposal that sought to allay fears of the combined company's market monopoly.

The termination date of the deal, which would make the combined company the largest U.S. electric utility with 7.1 million customers in six states, would now be July 8.

Duke and Progress had said that a possible closure of the merger would be pushed back to at least March as they were looking to submit a new market mitigation plan to the Federal Energy Regulatory Commission.

Shares of Duke closed at $21.47 on Monday on the New York Stock Exchange. Shares of Progress Energy closed at $54.53.

Source: http://feeds.reuters.com/~r/reuters/mergersNews/~3/R9NI8zhpquc/progressduke-idUSL3E8C9BDV20120109

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