CALGARY - Enbridge is making a big bet on natural gas with the C$37-billion friendly takeover of Spectra Energy Corp., as it looks to grow while facing severe pushback on infrastructure projects. The all-stock deal with Houston-based Spectra — the largest-ever foreign acquisition by a Canadian company — will create the biggest energy infrastructure company in North America, with a combined value of about $165 billion. The deal would give Calgary-based Enbridge (TSX:ENB) far more [Read more]
A look at the five biggest foreign takeovers by Canadian companies
CALGARY - Enbridge Inc. has struck a deal to acquire Houston-based Spectra Energy in a friendly, all-stock deal worth US$28 billion in what would be the largest foreign takeover by a Canadian company. Here's a look at how it stacks up to the next five biggest Canadian acquisitions of foreign firms: March 2016: TransCanada Corp. of Calgary announces it's buying Houston-based Columbia Pipeline Group in a US$13 billion deal, including US$2.8 billion in liabilities. June 2015: A [Read more]
Merger facts: a look at Enbridge and Spectra Energy as they merge
Calgary-based Enbridge Inc. said Monday it will buy Houston-based Spectra Energy Corp. in a $37-billion cross-border deal that will create the largest energy pipeline and storage company in North America. The deal is expected to close in the first quarter of 2017, pending regulatory approval. Here is a look at the two companies: Enbridge Inc. Headquarters: Calgary Market capitalization on Sept. 2: $49.7 billion Employees: Nearly 11,000 across Canada and [Read more]
Fort McKay First Nation to put $350 million into oilsands tank farm project
CALGARY - Suncor Energy is bringing in a northern Alberta aboriginal band as partner in a $1-billion storage facility being built to serve its Fort Hills oilsands project. The Calgary-based company says the Fort McKay First Nation will pay about $350 million when its new tank farm becomes operational next spring in return for a 34 per cent interest. Chief Jim Boucher says the band expects long-term benefits from the investment. Closing is dependent on Fort McKay obtaining [Read more]
‘A poke in the ribs:’ Group pitches equalization for pipelines to Ottawa
CALGARY - A group that represents oilfield service and supply companies asked Ottawa earlier this year to use equalization payments as leverage to get reluctant provinces onside with pipeline projects. The Petroleum Services Association of Canada made the pitch last February as part of its federal budget submission, which was obtained by The Canadian Press through an access-to-information request. The association recommended that the federal government "amend equalization [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch this week in Canadian business: Auto Talks: Unifor, which represents some 23,000 workers at Ford, General Motors and Fiat Chrysler, will announce on Tuesday which of those automakers will be its target company in the opening round of negotiations for a collective agreement. The union says it plans to use the contract it reaches with that company as a template heading into talks with the other automakers. Pipeline Politics: The National Energy [Read more]
Trudeau sidesteps question about concerns over Energy East pipeline hearings
HANGZHOU, China - Justin Trudeau sidestepped a question Saturday when asked about concerns over the independence of the National Energy Board hearings into the Energy East oil pipeline project. Hearings into the controversial project were suspended last week after the federal regulatory body received motions calling for the resignation of two panel members. The motions were filed after a news report revealed the two members met in early 2015 with ex-Quebec premier Jean Charest, [Read more]
Saskatchewan city lifts all watering restrictions following oil spill
NORTH BATTLEFORD, Sask. - Officials in a Saskatchewan city affected by an oil spill say all watering restrictions have been lifted. But North Battleford residents are still being asked to use water in moderation and follow an alternating schedule for watering their lawns. A Husky pipeline leak detected July 21 spilled up to 250,000 litres of oil mixed with a lighter hydrocarbon into the North Saskatchewan River near Maidstone. The cities of North Battleford, Prince Albert [Read more]
Quebec MP running for Tory leadership says he’ll push for pipeline projects
SASKATOON - One of the candidates vying for the leadership of the federal Conservative Party says he opposes a federal carbon tax. Quebec MP Maxime Bernier was in Saskatoon on Wednesday and also says he will push to have pipeline projects go ahead so western oil to the coasts for sale overseas. Bernier also says balancing the budget should be Canada's priority, not spending more and piling on debt. He also says he would push for a smaller government to give more freedom [Read more]
National Energy Board suspends hearings into Energy East
MONTREAL - All future National Energy Board hearings into the Energy East pipeline project will be suspended until the board rules on motions demanding two panel members resign, the federal agency announced Tuesday. The board received the motions after a news report revealed the two members met in early 2015 with ex-Quebec premier Jean Charest, who was at the time a paid lobbyist for TransCanada, the company behind the project. "Given that the board has invited written comments [Read more]
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