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SCANA denies rumor that it is for sale

Aug 19, 2011 1:25:00 PM - thestate.com
SCANA Corp., the only Fortune 500 company based in South Carolina, Friday denied “the internet-based rumor” that is was for sale.

The website www.DealReporter.com cited two unnamed sources as saying that the Cayce-based power and gas utility was weighing a sale of the company, according to Dow Jones Newswires and MarketWatch.

That drove its shares up as much as 2.8 percent yesterday as most stocks were falling in a massive sell-off. It closed up 1.4 percent at $39.15.

“We are aware of the unusually high trading activity in SCANA common stock yesterday. We are also aware of the internet-based rumor that SCANA is considering a sale of the company,” Chairman and CEO Bill Timmerman said in a statement. “These rumors are false, and we know of no corporate developments to account for the unusual market activity in SCANA’s stock.”

The company’s stock was down .87 percent in mid-day trading today.

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