Shorting DUK @ $87.53
2% position
News came out last night that Duke turned down a takeover offer from NextEra Energy (NEE). It would have been the largest utility merger in US history, if it was true and got approved.
There's some reporting this morning that there was no offer and the news is fake - which likely means it was floated by DUK or NEE as a trial balloon.
I wouldn't be surprised to see NEE buy something/someone...but Duke? It would be a tough slog through the approval process. It's too big and operates in too many states - a key factor in utility mergers.
Duke shares are up 6% on the news - that they might be a seller. This is a good time to short Duke, one of my least favorite utilities. I clash with their CEO, Lynn Good...for what it's worth. Personal feelings aside, this is a good time to short the stock.
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