Enbridge Announces $4.3-Billion Deal with Spectra Energy Partners

By Healing, Dan | The Canadian Press, August 24, 2018 | Go to article overview

Enbridge Announces $4.3-Billion Deal with Spectra Energy Partners


Healing, Dan, The Canadian Press


Enbridge inks Spectra Energy Partners deal

--

CALGARY - Enbridge Inc. is sweetening its offer to buy all the units in Spectra Energy Partners LP it doesn't already own, raising its proposed share exchange ratio by almost 10 per cent in the all-shares transaction valued at $4.3 billion.

The move, which was expected by some analysts following a U.S. regulator's final tax policy ruling in July, means that holders of the 17 per cent of Spectra not owned by Enbridge will receive 1.111 Enbridge shares for each common unit, up from 1.0123 shares per unit offered in May.

Spectra shares rose by as much as 4.6 per cent on the New York Stock Exchange to US$39.62 on Friday morning while Enbridge fell by as much as 2.4 per cent to $45.99 on the Toronto Stock Exchange.

"We view this as a positive step towards reducing corporate complexity, but note there will be marginal dilution from the transaction ... as the increased offer is somewhat offset by elimination of distributions to the 17 per cent non-controlling interest," said analysts with Tudor Pickering Holt & Co. in a report.

As Enbridge owns 83 per cent of Spectra's shares, it already has the two-thirds majority required for unitholder approval of the transaction, which is expected to close in the fourth quarter.

It said the revised deal has unanimous support of a conflicts committee appointed by the separate Spectra board of directors.

In May, Calgary-based Enbridge launched an initiative to buy back all of its pipeline subsidiaries in the United States with shares worth $11.4 billion at the time, citing a Federal Energy Regulatory Commission decision in March to end certain tax loopholes they enjoyed.

American pipeline rivals The Williams Cos. and Cheniere Energy Inc. launched similar multibillion-dollar offers for their subsidiaries at the same time for the same reason. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Enbridge Announces $4.3-Billion Deal with Spectra Energy Partners
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.