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Pepco-Exelon merger wins backing from D.C. mayor

Oct. 06, 2015 4:44 PM ETExelon Corporation (EXC) StockEXC, POMBy: Carl Surran, SA News Editor11 Comments
  • Washington D.C. Mayor Bowser announces her support for a settlement of Exelon's (NYSE:EXC) $6.4B takeover of Pepco (NYSE:POM), the city’s electric utility, that will boost EXC's investment in the city to $78M from $14M.
  • The mayor initially opposed the merger, which was turned down by D.C.'s Public Service Commission in a unanimous decision Aug. 25, and her endorsement is considered critical in an appeal before the PSC, whose next meeting is scheduled for tomorrow.
  • The move would be a final hurdle to a merger that already won approval from regulators in several states and the U.S. government.
  • POM jumped 3.1% into the close on word of the pending announcement.

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