CHICAGO, Aug. 1 (UPI) -- Exelon Corp. is close to dropping a proposed $17.8 billion purchase of a New Jersey utility if it doesn't come to terms with state officials soon.
The Chicago-based utility said things need to happen in the next two weeks or it will abandon efforts to buy Public Service Enterprise Group of Newark, N.J., the Chicago Sun-Times reported Tuesday.
"We've made them a big offer, and said 'This is as far as we can go,'" Exelon chief executive John Rowe said Monday, adding that Exelon won't go where it is not wanted.
"We know we can't badger our way in," Rowe said. "We know we can't bluff our way in."
Buying PSE would create the nation's largest utility, with 7 million electric customers and 2 million natural gas customers in Illinois, New Jersey and Pennsylvania.
The deal was announced in December 2004.
