Exelon completes $7.9B Constellation takeover

Posted: March 12, 2012

Exelon Corp., the Chicago company that owns Philadelphia’s 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 nation’s largest suppliers of energy products and services.

With the merger, Exelon’s chairman and chief executive John W. Rowe retires. Christopher Crane, Exelon’s chief operating officer, becomes the combined company’s president and chief executive and Mayo Shattuck III, Constellation’s chief executive, becomes executive chairman.

Shareholders of both Constellation and Exelon will receive prorated dividends in order to synchronize the two companies’ dividends. Constellation Energy shares will cease trading before Tuesday’s market opening.

Contact Andrew Maykuth at 215-854-2947 or amaykuth@phillynews.com, or follow on Twitter @Maykuth.

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