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
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.