CALIFORNIA : BRIEFLY / ENERGY : Merger Would Create Largest U.S. Utility

Unicom Corp., parent of Commonwealth Edison Co., is merging with Peco Energy Co. of Pennsylvania in an $8.2-billion deal that would create the nation’s largest electric utility. The new company would also be one of the nation’s largest nuclear power generators. The companies said the merger could result in the loss of about 1,100 jobs, or about 5% of the combined work force of 22,500 people. The combined company would rank first in electric customers, with about 5 million, and would have total revenue of $12.4 billion and a market value of $15.2 billion. Shareholders of both companies would be offered the option of cash or stock in the new company. The deal still needs shareholder and regulatory approval. Shares of Philadelphia-based Peco closed down $1.69 at $36.44; Unicom closed down 81 cents at $36.25, both on the NYSE.