Canada's Enbridge (ENB) and Houston-based Spectra Energy (SE) said Tuesday they plan to combine to form a roughly $128 billion energy infrastructure company. Enbridge owners will hold 57 percent of the new entity and Spectra Energy investors will get about 43 percent. The company will keep the Enbridge name and Enbridge president and CEO Al Monaco will keep his position at the helm. The companies said the deal values Spectra stock at $40.33 a share, that's roughly 11.5 percent above Friday's closing price, Monaco said in a statement the deal is 'transformational for both companies and results in unmatched scale, diversity and financial flexibility with multiple platforms for organic growth.'
More from Video
Breaking down an approach to the long side of this biotech stock.
AMSC CEO discusses that and China challenges.
One of pharma's biggest CEO's talks M&A action on the exchange.
Citi overcame a mixed print to send its stock surging on Monday.