Exelon, Constellation merger approved by shareholders

Shareholders of Exelon Corp. (NYSE: EXC) and Constellation Energy (NYSE: CEG) approved the merger of the companies November 21.

Under the merger agreement, Constellation’s shareholders will receive 0.930 shares of Exelon common stock in exchange for each share of Constellation common stock. When the merger is completed, Exelon shareholders will own approximately 78 percent of the combined company and Constellation shareholders approximately 22 percent on a fully diluted basis.

The deal is expected to close in early 2012.

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