FirstEnergy Corporation (FE) and Allegheny Energy, Inc. (AYE) today confirmed that they have received approval from the Federal Energy Regulatory Commission [FERC] for their proposed merger.
“This as an important milestone in the completion of our merger, and we are pleased to have the support of FERC,” said in statement Anthony J. Alexander, President and CEO of FirstEnergy.
“We are confident this combination will result in a stronger company that will better serve our many stakeholders,” said Paul J. Evanson, Chairman, President and CEO of Allegheny Energy.
The companies filed their application with FERC for approval of their merger on May 11, 2010.
First Energy shares fell as low as $35.63 before trading down 0.20 percent at $35.77 mid Thursday afternoon. Allegheny gained 7 cents, or 0.30 percent, to $23.28 on the New York Stock Exchange.