Piedmont Natural Gas Shareholders Approve Acquisition By Duke Energy

(RTTNews) - Piedmont Natural Gas Co. Inc. (PNY) said its shareholders have voted to approve the company's acquisition by Duke Energy Corp. (DUK) during a specially called meeting of shareholders at Piedmont's corporate offices in Charlotte. The proposal to approve the acquisition was supported by 66.8 percent of the company's outstanding shares entitled to vote.

The two companies filed for approval of the proposed acquisition with the North Carolina Utilities Commission and filed with the Tennessee Regulatory Authority to transfer Piedmont's Tennessee operating license on January 15, 2016.

The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.

Duke Energy and Piedmont Natural Gas are targeting to close the transaction by the end of 2016.

In late October 2015, Duke Energy agreed to acquire Piedmont Natural Gas for about $4.9 billion in cash.