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Piedmont shareholders approve of Duke Energy acquisition

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Hydrocarbon Engineering,

As previously reported by Energy Global, Duke Energy had announced it’s intent to acquire Piedmont Natural Gas. Shareholders of Piedmont Natural Gas have now voted to approve the company's acquisition by Duke Energy during a specially called meeting of shareholders at Piedmont's corporate offices in Charlotte, North Carolina.

The proposal to approve the acquisition was supported by 66.8% of the company's outstanding shares entitled to vote. The 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 15 Jan 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.

Adapted from press release by Francesca Brindle

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