Duke Energy buying Progress Energy (Charlotte, Raleigh: layoffs, electric, company)

[dbull75]

On Monday, Duke will announce that it will purchase Raleigh-based Progress Energy. The company will continue to be headquarted in Charlotte. As with any merger/purchase, layoffs are expected. It would be assumed most of those will be in Raleigh, though Duke will retain a presence there. This actually does wonders for Charlotte's energy hub ambitions as Duke will now be the largest utility company in the country.

[adavi215]

I think this is fascinating. It is also a selling point for Charlotte. Charlotte now has the largest bank in the nation. And the largest electric utility company in the nation. Now, we need to resurrect Wachovia to rid itself of Well-Fargo(fingers crossed and making a wish.lol).