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NEWS
By David L. Warnock | April 12, 2012
The Baltimore skyline is iconic: The National Aquarium's blue waves and the World Trade Center's five-sided building have been depicted in places as varied as Robert McClintock paintings and local body art. The Domino Sugar sign is - well, it's the Domino Sugar sign. It's priceless. Exelon Corp.'s Baltimore office, proposed to be built on the old Allied Chemical site in Harbor Point, would alter that skyline forever. In that context, it too needs to be iconic. The proposed office building has been treated by the mayor's office as simply a necessity of the Exelon merger with Constellation Energy.
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BUSINESS
By Hanah Cho, The Baltimore Sun | March 9, 2012
Constellation Energy Group and Exelon Corp. are expected to close their $7.9 billion merger Monday, after the deal cleared its final regulatory hurdle Friday. The approval by the Federal Energy Regulatory Commission ends an almost yearlong effort to combine the companies — creating the largest non-utility energy provider in the United States. The deal also means that Baltimore will lose its last Fortune 500 company; the new company will be headquartered in Chicago but will maintain a large footprint here, including a new building in Harbor Point.
NEWS
By Hanah Cho, The Baltimore Sun | March 8, 2012
Constellation Energy Group, which is being sold to Chicago-based Exelon Corp., will be replaced on the S&P 500 index by a Houston wireless company. Exelon is acquiring Constellation in a $7.9 billion deal that is waiting for approval from the Federal Energy Regulatory Commission. S&P will announce the date when Crown Castle International Corp. is to replace Constellation on the index after the merger deal closes. Hanah.cho@baltsun.com Text BUSINESS to 70701 to get Baltimore Sun Business text alerts
BUSINESS
By Hanah Cho, The Baltimore Sun | February 22, 2012
Constellation Energy Group's three directors have been named to serve on Exelon's board of directors once the merger between the two energy giants is completed Constellation Energy Group's three directors have been named to serve on Exelon's board of directors once the merger between the two energy giants is completed, according to documents filed Wednesday. Ann C. Berzin, a Constellation director since 2008; Yves C. de Balmann, a director since 2003; and Robert J. Lawless, a director since 2002, are to join Constellation Chief Executive Officer and Chairman Mayo A. Shattuck III, who was previously named as executive chairman of the board.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 17, 2012
Maryland regulators approved Constellation Energy Group's sale to Chicago-based Exelon Corp. on Friday, setting the stage for Baltimore to lose its last Fortune 500 company to an out-of-state owner. Exelon promptly accepted the terms imposed by the Maryland Public Service Commission, which means the $7.9 billion deal is one huge step closer to completion. The PSC's approval came with several dozen conditions that largely mirrored concessions the companies had previously promised, most recently under a $1 billion settlement with Gov. Martin O'Malley and the state.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 17, 2012
Constellation Energy Group, which is selling itself to Exelon Corp., reported a loss Friday in the fourth quarter, what is expected to be the energy giant's last earnings release as a publicly traded Baltimore company. Its earnings came out before the Maryland Public Service Commission approved the proposed $7.9 billion proposed merger between Constellation and Exelon, contingent on several dozen conditions. It lost $583.6 million, or $2.91 per share, in the three months ended Dec. 31, compared with a profit of $159.8 million, or 80 cents per share, in the corresponding period the previous year.
NEWS
By Hanah Cho, The Baltimore Sun | February 16, 2012
The federal nuclear regulator approved Thursday the proposed sale of Constellation Energy Group to Chicago-based Exelon Corp. The decision by the Nuclear Regulatory Commission means the proposed $7.9 billion merger has two remaining regulatory hurdles to clear. The Maryland Public Service Commission is expected to issue a decision Friday, while the Federal Energy Regulatory Commission also needs to rule on the deal, which would create the largest competitive energy company in the United States.
BUSINESS
Jay Hancock | February 12, 2012
Among the many advantages Constellation Energy's headquarters gives Baltimore — Fortune 500 cachet, hundreds of well-paid workers, millions in charity — is this: The building pays sticker price on property taxes — $745,000 a year. You probably won't be able to say that about its replacement, which Exelon Corp. and developer John Paterakis propose to build at Harbor Point. Exelon is close to a deal to buy Constellation, which owns Baltimore Gas and Electric Co. Sensitive about seizing a Maryland corporate heirloom, Chicago-based Exelon promised to put the green energy and retail marketing divisions of the combined company in a new Baltimore building.
NEWS
By Hanah Cho, The Baltimore Sun | February 8, 2012
Exelon Corp.'s new headquarters in Baltimore is designed to be a glassy, 22-story skyscraper, similar in style to the Legg Mason tower, which would be a neighbor on the Harbor East waterfront, according to preliminary designs revealed Wednesday. The building would be part of the $250 million first phase of the 27-acre Harbor Point development, which would also include a central plaza, a headquarters for U.S. Lacrosse, a six-acre waterfront park and an apartment tower, said Michael Beatty, president of Harbor East Development Corp.
NEWS
By Jean Marbella, The Baltimore Sun | February 4, 2012
For a city whose last Fortune 500 company was about to be acquired by an out-of-town corporation, there was not just consolation but actual excitement over one of the deal sweeteners: Chicago-based Exelon Corp. promised to build a new downtown office building for the merged company, the first such construction in Baltimore's central business district since 2004. The competition was spirited among a handful of developers: They produced architectural renderings of shiny towers and lined up contractors and financing packages.
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