Constellation Energy Group Inc.
Two separate energy mergers have taken steps towards becoming final. If they are completed, it will mean four of the United States' largest utilities will have merged to become the nation's two largest electric utilities.
Constellation Energy Group, Inc. (NYSE: CEG), which announced last week it had agreed to be purchased by Exelon Corporation (NYSE: EXC) in a share swap worth $7.9 billion, said Monday it acquired a 30-megawatt (MW) solar generation project in Sacramento, California., from utility-grade photovoltaic (PV) power plant developer Belectric, Inc.
Two of the largest U.S. power utilities, Exelon Corporation (NYSE: EXC) (market cap $27.45 billion) and Constellation Energy Group, Inc. (NYSE: CEG) (market cap $6.85 billion), said today Exelon will buy Constellation in a shares-for-shares transaction. Based on Exelon’s closing share price Wednesday, Constellation shareholders would receive a value of $38.59 per share, or $7.9 billion in total equity value. However, Constellation shares had risen only to slightly more than $35 by mid-day today, indicating some reluctance by investors to embrace the offer.
Your grandfather told you that a penny saved was a penny earned. Today we are featuring a handful of very large companies that have earned hundreds of millions of dollars by saving their customers equally huge amounts on energy costs: Honeywell International Inc.
