With fluctuations in the RMB, stocks, and confidence in Beijing, Chinese leadership is under pressure from within and without.
European bourses have opened sharply higher with the German DAX posting gains of over 3 percent.
In a CNBC special report Wednesday night, Cramer said "the psychology had changed" as equities markets snapped a six-day losing streak.
"The decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago," he said.
The companies said the combined entity will create the "leading" U.S. electric and gas utility.