Cinergy Merges with Duke Energy

North Carolina based Duke Energy Corporation has announced a deal to acquire Cinergy Corporation for about nine-billion-dollars in stock. Cinergy is the parent company of P-S-I Energy, Indiana's largest electricity provider. The merger agreement has been unanimously approved by the boards of directors of both Duke and Cincinnati-based Cinergy. It calls for each common share of Cinergy to be converted into 1.56 shares of Duke Energy. The combined company is to be called Duke Energy Corporation. It would serve 4.4 million retail customers. The two companies currently employ over 29-thousand and expect a reduction of about 1,500 jobs, primarily through attrition, early retirements and other severance programs.