Morristown

The Pennsylvania Public Utility Commission (PUC) during its regular meeting Thursday approved the merger of Morristown, NJ-based GPU Energy and FirstEnergy Corp. by a 5-0 vote on a motion by Commissioner Terrance J. Fitzpatrick but decided to postpone a decision on GPU’s request to raise rates by a 4-1 count with Commissioner Nora Mead Brownell dissenting.

Surprise! FirstEnergy of Akron, OH and Morristown, NJ-based GPUInc. formally announced that Monday’s widely circulated and detailedrumors of a merger were indeed true (see Daily GPI, Aug. 8). In meetings yesterday, bothcompanies’ boards of directors unanimously approved the merger underwhich FirstEnergy would acquire all of GPU’s outstanding shares ofcommon stock for about $4.5 billion in cash and common stock.

Wall Street was awash in reports Monday that Akron, OH-basedFirstEnergy Corp. was negotiating to acquire GPU Inc. ofMorristown, NJ, for more than $10 billion in a transaction thatwould create one of the top energy utility companies in the nation.