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CHARLOTTE, N.C. (AP) - Duke Energy Corp. will close its $9 billion acquisition of Cincinnati-based Cinergy Corp. on Saturday in a deal that will form one of the nation's largest public utilities, Duke Energy said Monday.
In the final hurdle needed to complete the merger, the North Carolina Utilities Commission approved the deal last Friday. The commission placed more than 70 conditions on the company, including a requirement that Duke Energy give North Carolina customers a $117.5 million across-the-board cut in their electricity bills for one year.
"With the merger action in North Carolina, we have cleared the last hurdle in the regulatory approval process," Paul Anderson, chief executive and chairman of Duke Energy, said in prepared remarks. "With all requisite approvals in hand, we intend to close on April 1, less than 11 months from our merger announcement."
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