Pepco, Exelon maintain deal closing deadline amid regulatory scrutiny

Fri Mar 4, 2016 11:09am EST
 
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March 4 (Reuters) - Pepco Holdings Inc, which is awaiting regulatory approval from Washington DC for its acquisition by Exelon Corp, said the two utilities have not extended the deadline to close the deal, but were in talks with state authorities.

Pepco's statement on Friday comes a week before a deadline set by Washington's Public Service Commission for the companies to accept the revisions it has proposed as conditions for approving the deal.

The commission on Feb. 26 gave the two companies until March 11 to accept its proposed conditions. But, Washington's mayor and the city's Office of the People's Counsel on Tuesday rejected the proposed changes.

Exelon and Pepco have already won approval from Delaware, Maryland, New Jersey, Virginia and the U.S. Federal Energy Regulatory Commission.

Both companies, which reached a $6.83 billion merger agreement in April 2014, are continuing talks with the DC government and other parties about the commission's order, Pepco said in a regulatory filing. (1.usa.gov/1TYruSV) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)