Exelon Corp., the Chicago company that owns Philadelphiaâs Peco Energy Co., on Monday completed its $7.9 billion takeover of Constellation Energy Group, which owns Baltimore Gas & Electric Co., to form one of the nationâs largest suppliers of energy products and services.
With the merger, Exelonâs chairman and chief executive John W. Rowe retires. Christopher Crane, Exelonâs chief operating officer, becomes the combined companyâs president and chief executive and Mayo Shattuck III, Constellationâs chief executive, becomes executive chairman.
Shareholders of both Constellation and Exelon will receive prorated dividends in order to synchronize the two companiesâ dividends. Constellation Energy shares will cease trading before Tuesdayâs market opening.