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Exelon Corp.’s proposed $16 billion all-stock buyout of Public Service Enterprise Group Inc. cleared Pennsylvania’s utility regulators, who gave unanimous approval Friday to a union that would create the nation’s largest electric and gas utility.
The state Public Utility Commission voted 5-0, following recommendations by both the commission’s staff and an administrative law judge.
Chicago-based Exelon is still working to win approval from New Jersey state regulators and the federal Department of Justice to finalize the deal for PSEG, the parent company of Public Service Electric & Gas of New Jersey. A decision from the New Jersey Board of Public Utilities is expected by May 15.
