Duke Energy (DUK) and Progress Energy (PGN) have announced plans for a merger that would create the largest publicly traded utility company in the U.S.  Initial analyst reaction was unenthusiastic and both stocks traded modestly lower on the news.  However, the expected 5.5% dividend on the new company looks attractive in comparison to alternatives and the merger could generate cost savings that benefit shareholders long-term.  Read about the merger in management’s presentation and in this commentary by Value Line’s Research Analyst.