19 June 2006 -- Exelon Corp. and Public Service Enterprise Group Inc. announced today that they are continuing their efforts to obtain approval of their proposed merger before the U.S. Department of Justice (DOJ) and New Jersey Board of Public Utilities (NJBPU).
Under the Exelon/PSEG Merger Agreement, either party has the option to terminate the transaction without penalty at any time after June 20, 2006. However, both companies will continue their efforts to obtain the necessary regulatory approvals. Neither Exelon nor PSEG has taken any action to terminate the Merger Agreement or extend the June 20, 2006 date in the Merger Agreement.
"We are moving ahead to get our last two remaining regulatory approvals," said John W. Rowe, chairman, president, and CEO of Exelon. "We continue to make progress in our discussions with the Department of Justice, and we are involved in ongoing settlement discussions in New Jersey. We are trying to successfully complete these discussions as soon as possible. It obviously has taken longer than expected to get through the regulatory approval process."
The companies said the final decision on whether to proceed with the merger will rest with the boards of both Exelon and PSEG after the terms and conditions of regulatory requirements are known. Closing is anticipated in the third quarter upon completion of all required regulatory actions.