- 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.