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PSEG execs to get $35M parachute  view story
Sunday, February 13, 2005
TOM JOHNSON - - New Jersey Star-Ledger
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More than three dozen Public Service Enterprise Group executives stand to collect a total of $35 million in severance payments if they lose their jobs as a result of the company's $12 billion merger deal with Exelon, according to a regulatory filing.
The Newark-based parent of the state's largest utility, Public Service Electric & Gas, and Chicago-based Exelon submitted a joint proxy statement to their shareholders touting the benefits of the merger, which will create the biggest power supplier in the country. The proxy was filed with the Securities and Exchange Commission.
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