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EDF Drops Opposition To Constellation-Exelon Deal

BALTIMORE (AP) — Electricite de France says it is dropping opposition to Exelon Corp.’s takeover of Baltimore-based Constellation Energy Group, Inc.

EDF announced Tuesday that it had reached agreement with Exelon over the independence of the Constellation Energy Nuclear Group.

EDF is one of Constellation’s largest shareholders, owning nearly half of Constellation’s nuclear unit. EDF has said the merger would hurt growth of the unit.

The $7.9 billion deal has been approved by the Justice Department, shareholders and New York and Texas regulators. The companies are still seeking approval from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and Maryland regulators. Maryland Gov. Martin O’Malley also dropped initial opposition after the companies increased commitments to renewable energy and assistance to low-income residents.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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