The Ontario Energy Board is looking into Enbridge’s (ENB.TO) $37-billion deal to acquire Houston-based Spectra Energy to determine whether it must approve the resulting change in ownership of Spectra’s Union Gas subsidiary, the Globe & Mail reports. Enbridge says it intends to maintain separate operations for Toronto-based Enbridge Gas Distribution and Chatham, Ont.-based Union Gas, which together provide most of Ontario’s gas supply. In announcing the deal on Tuesday, Enbridge chief executive officer Al Monaco indicated that the partners do not believe they need provincial approval for the change in Union’s status.
The stock decreased 3.18% or $1.87 on September 13, hitting $56.94. About 2.78M shares traded hands or 31.13% up from the average. Enbridge Inc (TSE:ENB) has risen 24.70% since February 5, 2016 and is uptrending. It has outperformed by 8.21% the S&P500.
Enbridge Inc. is an energy transportation and distribution company. The company has a market cap of $54.06 billion. The Firm operates through five divisions: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. It has a 39.92 P/E ratio. The Firm operates the crude oil and liquids transportation system in Canada and the United States.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.