CALGARY and HOUSTON, Dec. 20,
2018 /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB)
(Enbridge), on behalf of itself and certain of its wholly owned
U.S. subsidiaries, Enbridge Energy Partners, L.P. (NYSE: EEP) (EEP)
and Enbridge Energy Management, L.L.C. (NYSE: EEQ) (EEQ), today
announced that they have completed the previously announced
respective merger (the EEP Merger) of EEP with a wholly owned
subsidiary of Enbridge, and the merger (the EEQ Merger) of EEQ with
a wholly owned subsidiary of Enbridge, each pursuant to an
Agreement and Plan of Merger dated as of September 17, 2018 (the EEP Merger Agreement and
the EEQ Merger Agreement, respectively). The EEP Merger resulted in
Enbridge (through a wholly owned subsidiary of Enbridge) acquiring
all of the outstanding public Class A common units of EEP, and EEP
becoming an indirect, wholly owned subsidiary of Enbridge, and the
EEQ Merger resulted in Enbridge (through a wholly owned subsidiary
of Enbridge) acquiring all of the outstanding public Listed Shares
of EEQ, and EEQ becoming a direct, wholly owned subsidiary of
Enbridge. The EEP Merger and EEQ Merger were approved by EEP
unitholders and EEQ shareholders, respectively, at special meetings
held on December 17, 2018.
Effective today, EEP unitholders of record as of the close of
business on November 5, 2018 (other
than Enbridge and its subsidiaries) are entitled to receive from
Enbridge pursuant to the EEP Merger Agreement, for each EEP Class A
common unit held, 0.3350 common shares of Enbridge, and EEQ
shareholders of record as of the close of business on November 5, 2018 (other than Enbridge and its
subsidiaries) are entitled to receive from Enbridge pursuant to the
EEQ Merger Agreement, for each EEQ Listed Share held, 0.3350 common
shares of Enbridge.
Also effective today, the EEP Class A common units and the EEQ
Listed Shares will be suspended from trading on, and delisted from,
the New York Stock Exchange (NYSE). Common shares of Enbridge will
continue to trade on both the NYSE and the Toronto Stock Exchange
under the symbol "ENB".
Forward Looking Statements
Certain information
provided in this news release constitutes forward-looking
statements. The words "anticipate", "expect", "project" and similar
words and expressions are intended to identify such forward-looking
statements. All statements other than statements of historical fact
may constitute forward-looking statements. Forward-looking
information or statements included or incorporated by reference in
this document include, but are not limited to, statements with
respect to the suspension of the EEP Class A common units and the
EEQ Listed Shares from trading on, and delisted from, the NYSE.
Although Enbridge, EEP and EEQ believe these statements are based
on information and assumptions which are current, reasonable and
complete, these statements are not guarantees of future performance
and readers are cautioned against placing undue reliance on forward
looking statements. By their nature, these statements involve a
variety of assumptions, risks and uncertainties which may cause
actual results to differ from those expressed or implied by such
statements. Material assumptions include assumptions about the
satisfaction of all conditions to the suspension from trading and
delisting of the EEP Class A common units and the EEQ Listed
Shares. While Enbridge, EEP and EEQ 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,
Enbridge, EEP and EEQ assume no 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.
About Enbridge Inc.
Enbridge Inc. is
North America's premier energy
infrastructure company with strategic business platforms that
include an extensive network of crude oil, liquids and natural gas
pipelines, regulated natural gas distribution utilities and
renewable power generation. The Company safely delivers an average
of 2.9 million barrels of crude oil each day through its Mainline
and Express Pipeline; accounts for approximately 62% of U.S.-bound
Canadian crude oil exports; and moves approximately 22% of all
natural gas consumed in the U.S., serving key supply basins and
demand markets. The Company's regulated utilities serve
approximately 3.7 million retail customers in Ontario, Quebec, and New
Brunswick. Enbridge also has interests in more than 1,700 MW
of net renewable generating capacity in North America and Europe. The Company has ranked on the Global
100 Most Sustainable Corporations index for the past nine years;
its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's
quality of life. For more information, visit
www.enbridge.com.
About Enbridge Energy Partners,
L.P.
Enbridge Energy Partners, L.P. owns and operates
a diversified portfolio of crude oil transportation systems in
the United States. Its principal
crude oil system is the largest pipeline transporter of growing oil
production from western Canada and
the North Dakota Bakken formation. The system's deliveries to
refining centers and connected carriers in the United States account for approximately 25
percent of total U.S. oil imports. Information about Enbridge
Energy Partners, L.P. is available on its website at
www.enbridgepartners.com.
About Enbridge Energy Management,
L.L.C.
Enbridge Energy Management, L.L.C. manages the
business and affairs of Enbridge Energy Partners, L.P., and its
sole asset is an approximate 21 percent limited partner interest in
Enbridge Energy Partners, L.P. Enbridge Energy Company, Inc., an
indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, Canada (NYSE: ENB) (TSX:
ENB) is the general partner of Enbridge Energy Partners, L.P. and
holds an approximate 35 percent interest in Enbridge Energy
Partners, L.P. Enbridge Energy Management, L.L.C. is the delegate
of the general partner of Enbridge Energy Partners, L.P.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Michael Barnes
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.