Final regulatory clearance required for closing is under
the Canadian Competition Act
CALGARY, Alberta and
HOUSTON, Feb. 16, 2017 /CNW/ -- Enbridge Inc. (TSX,
NYSE: ENB) (Enbridge) and Spectra Energy Corp (NYSE: SE) (Spectra
Energy) announced today that the U.S. Federal Trade Commission
(FTC) has cleared the previously announced proposed combination of
the two companies.
As part of the clearance, the FTC today voted to accept a
proposed consent decree in which Enbridge and Spectra Energy have
agreed, following the closing of their proposed combination, to
enact firewalls governing the flow of certain information to
Enbridge about the Discovery offshore Gulf of Mexico natural gas pipeline system
(Discovery), and to take certain other steps limiting Enbridge's
potential influence over actions related to Discovery. Spectra
Energy holds an ownership interest in Discovery through its
indirect ownership interest in DCP Midstream, LP, which holds a 40
percent ownership interest in Discovery. Enbridge, through an
affiliate, also has offshore natural gas gathering operations in
the Gulf of Mexico. The FTC's decision is accessible via the
following link:
https://www.ftc.gov/enforcement/cases-proceedings/161-0215/enbridge-spectra-energy.
With this clearance from the FTC, the proposed combination of
Enbridge and Spectra Energy has only one remaining regulatory
clearance to secure in order to close the transaction: clearance
under the Canadian Competition Act. The companies continue to
expect the transaction to close in the first quarter of this
year.
About Enbridge Inc.
Enbridge Inc., a Canadian company, exists to fuel people's
quality of life, and has done so for more than 65 years. A North
American leader in delivering energy, Enbridge has been ranked on
the Global 100 Most Sustainable Corporations index for the past
eight years. Enbridge operates the world's longest crude oil and
liquids transportation system across Canada and the U.S., and has a significant and
growing involvement in natural gas gathering, transmission and
midstream business, as well as an increasing involvement in power
transmission. Enbridge owns and operates Canada's largest natural gas distribution
company, serving residential, commercial, and industrial customers
in Ontario, Quebec, New
Brunswick and New York
State. Enbridge has interests in more than 2,200 megawatts
of net renewable and alternative generating capacity, and continues
to expand into wind, solar and geothermal power. Enbridge employs
approximately 10,000 people, primarily in Canada and the U.S., and has been ranked 15
times on the annual Canada's Top
100 Employers list, including the 2017 index. Enbridge's common
shares trade on the Toronto and
New York stock exchanges under the
symbol ENB. For more information, visit
www.enbridge.com.
About Spectra Energy Corp
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one
of North America's leading
pipeline and midstream companies. Based in Houston, Texas, the company's operations in
the United States and Canada include approximately 21,000 miles of
natural gas and crude oil pipelines; approximately 300 billion
cubic feet of natural gas storage; 5.6 million barrels of crude oil
storage; as well as natural gas gathering, processing, and local
distribution operations. Spectra Energy is the general partner of
Spectra Energy Partners, LP (NYSE: SEP), one of the largest
pipeline master limited partnerships in the United States and owner of the natural gas
and crude oil assets in Spectra Energy's U.S. portfolio. Spectra
Energy also has a 50 percent ownership in DCP Midstream, LLC, which
is the general partner of DCP Midstream, LP (NYSE: DCP), the
largest natural gas liquids producer and the largest natural gas
processor in the United States,
and the largest gathering and processing master limited partnership
in the United States. Spectra
Energy has served North American customers and communities for more
than a century. For more information, visit
www.spectraenergy.com.
Forward-Looking Information
Certain information with respect to the proposed combination
of Enbridge and Spectra Energy constitutes forward-looking
statements. Although Enbridge and Spectra Energy believe these
statements are based on information and assumptions which are
current, reasonable and complete, these statements are necessarily
subject to a variety of risks and uncertainties, including those
pertaining to the timing and completion of the proposed
combination. A further discussion of the risks and uncertainties
facing Enbridge and Spectra Energy can be found in each
company's filings with Canadian and United States securities regulators, as
applicable. While Enbridge and Spectra Energy make these
forward-looking statements in good faith, should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary significantly
from those expected. Except as may be required by applicable
securities laws, neither Enbridge nor Spectra Energy assume any
obligation to publicly update or revise any forward-looking
statements made herein or otherwise, whether as a result of new
information, future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/enbridge-and-spectra-energy-obtain-ftc-clearance-for-their-proposed-combination-300408974.html
SOURCE Spectra Energy Corp; Enbridge Inc.