SDG&E;, Edison Extend Merger Pact
San Diego Gas & Electric Co. and Southern California Edison said Monday it has agreed to extend for a year its agreement for a $2.8 billion stock-swap merger, which had been due to expire March 31.
The new pact extends the agreement, which will create the nation’s largest publicly held utility with about 5 million Southern California customers, until March 31, 1992.
Had the previous agreement expired, either utility could have withdrawn from the agreement without a financial penalty, an Edison spokesman said.
“This renewal of the merger agreement demonstrates the continuing commitment of both utilities to the merger,” said a spokesman for Edison.
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