Duke Energy Announces Offering Of 9.25 Million Shares To Partially Finance Acquisition Of Piedmont Natural Gas

Duke Energy Corp DUK announced on Monday it will offer 9.25 million shares of its common stock. Duke Energy noted that its stock offering will be used to finance a portion of the costs related to its pending acquisition of Piedmont Natural Gas Company, Inc. PNY. In connection with the offering, the company has granted its underwriters the option to purchase up to an additional 1.387 million shares of its common stock. Duke Energy added that it expects the forward sale agreement will occur upon closing of the Piedmont acquisition which is expected by the end of 2016, although it may occur as late as June 30, 2017. Shares of Duke Energy were trading lower by 0.03 percent at $74.28 early Tuesday morning.