Deals
Exelon to Proceed With Rejected $6.8 Billion Pepco Deal
- District of Columbia overlooked `substantial benefits'
- Companies were given 30 days to ask for reconsideration
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Exelon Corp. and Pepco Holdings Inc. said they’ll proceed with their $6.8 billion merger to create the largest U.S. utility by customer count after the District of Columbia Public Service Commission rejected it on Aug. 25.
“The decision fails to recognize the substantial immediate and long-term benefits of our merger proposal to citizens, businesses and communities in the District of Columbia,” Exelon, based in Chicago, and Pepco, based in Washington, said in a statement released Monday. “Our merger proposal is in the public interest, and we will continue working to complete the merger, which all other jurisdictions have approved.”