News In Brief
Unicom corp. and Peco Energy Co., were in merger talks to form an $11.8 billion company controlling as much as 20 percent of the nuclear power-generating capacity in the US, Crain's Chicago Business reported, citing unnamed sources. Chicago-based Unicom, the parent company of Commonwealth Edison, and Philadelphia-based PECO are about the same size. If their merger is approved, the new company probably would be based in Chicago, with management shared by their respective chief executive officers, Crain's said.
The long-rumored, multibillion-dollar merger between two of Germany's largest conglomerates, Veba and Viag, awaits only the OK of their respective boards, a published report said. The newspaper Die Welt said the chief reason for the move is to combine the companies' electric-utility and chemicals businesses. Viag's packaging division and Veba's international-trade subsidiary will be sold, the report said. Both also have telecommunications divisions, and Die Welt said it wasn't clear what their role would be after the merger. Viag is based in Munich; Veba in Duesseldorf. Their combined annual sales are projected at $70 billion.
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