Duke Energy, the largest power company by generation capacity in the U.S., has offered to buy Piedmont Natural Gas company.
Duke Energy is offering $60 per share of Piedmont, totaling about $4.9 billion in cash. This is a premium of 42% to Friday's stock close.
In addition, Duke Energy will assume $1.8 billion of Piedmont's debt. This will give the company a net value of $6.7 billion.
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