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2016-09-07 18:30:00

ENBRIGE & SPECTRA: $127 BLN

ENBRIGE & SPECTRA: $127 BLN

OGJ wrote, Enbridge Inc. and Spectra Energy Corp. have entered into a definitive merger agreement under which the two companies will combine in a stock-for-stock merger transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, the companies said, based on a pro-forma enterprise value of roughly $127 billion.

The merger, which valued Spectra Energy common stock at $28 billion, is expected to close first-quarter 2017, subject to shareholder and regulatory approvals and other customary conditions.

Spectra shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own. The consideration to be received by Spectra Energy shareholders is valued at $40.33/share of Spectra Energy, based on the Sept. 2 closing price of Enbridge common shares, representing an 11.5% premium to the closing price of Spectra Energy common stock. On completion of the merger, Enbridge shareholders are expected to own about 57% of the combined company and Spectra Energy shareholders about 43%. The combined company will be called Enbridge Inc.

Enbridge has a number of expansion projects currently under way, including a share of the Bakken Pipeline crude project. The company also recently resolved federal charges regarding 2010 leaks from its crude oil pipelines in Illinois and Michigan.

Spectra's current projects include its 2.5-bcfd Infraestructura Marina del Golfo natural gas pipeline joint venture with TransCanada to ship gas into Mexico.

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Earlier:

M&A: 

TRANSCANADA & CPG: $13 BLN 

U.S. M&A DOWN 19% 

2015: OIL GAS M&A DOWN 

3Q: OIL&GAS M&A 

2015: M&A MAXIMUM 

2Q: OIL&GAS M&A

 

 

 

Tags: ENBRIGE, SPECTRA, MIDSTREAM, USA, CANADA

Chronicle:

ENBRIGE & SPECTRA: $127 BLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ENBRIGE & SPECTRA: $127 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ENBRIGE & SPECTRA: $127 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ENBRIGE & SPECTRA: $127 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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