Exelon Reaffirms Commitment to Buying Pepco
August 31 2015 - 9:10AM
Dow Jones News
Exelon Corp. on Monday reaffirmed its commitment to buying Pepco
Holdings Inc., after utility regulators for the District of
Columbia rejected the $6.8 billion deal last week.
"We believe our merger proposal is in the public interest, and
we will continue working to complete the merger, which all other
jurisdictions have approved," the companies said in a joint news
release.
The Public Service Commission of the District of Columbia, where
Pepco is based, was the last regulatory body whose approval was
needed for the deal to be completed. Commissioners said they didn't
like the proposed management structure of the new company, which
they said would diminish Pepco's influence and make their job of
regulating the utility more difficult.
The companies can ask the commission to reconsider its decision,
but didn't specify in Monday's statement if they plan to do so.
Representatives for both companies didn't immediately respond to
requests for comment.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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(END) Dow Jones Newswires
August 31, 2015 08:55 ET (12:55 GMT)
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