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BREAKING NEWS:

Hazloc Heaters
Hazloc Heaters

Enbridge to buy Spectra Energy for $3.3 billion


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These translations are done via Google Translate

(Reuters) – Enbridge Inc, Canada’s largest pipeline operator, said on Friday it would buy its U.S. master limited partnership Spectra Energy Partners for a sweetened deal of $3.3 billion.

Pipeline companies are reorganizing their business structure after the U.S. Federal Energy Regulatory Commission in March stopped them from claiming an income tax allowance as part of the fees they charge shippers.

“Significant weakening of the US Master Limited Partnership capital markets has adversely affected the growth opportunities for MLPs, including Spectra,” Enbridge said in a statement.

Spectra Energy shares rose 5.7 percent to $40 in premarket trading, while those of Enbridge were marginally down.

Reporting by Shanti S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva



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