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US: Pipeline giant Enterprise Products abandons $28 billion buy

 |  September 8, 2016

Pipeline giant Enterprise Products Partners said Thursday that it’s no longer interested in pursuing a merger with rival Williams, citing a lack of engagement by Williams and rumors that circulated about its proposal.

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    Enterprise’s statement on Thursday marked the first time that the company has publicly confirmed that it had proposed a merger with Williams. The Houston-based company said it withdrew its interest after deciding there was “no actionable path forward toward an agreement.”

    Enterprise’s announcement comes just two days after Enbridge Inc. said it would buy pipeline operator Spectra Energy Corp. in a $28 billion all-stock deal, increasing the pressure on other pipeline giants including Enterprise and Kinder Morgan Inc. to pursue similar acquisitions. Deals in the pipeline space have picked up in the past two years as companies hunt for bargains following a collapse in oil prices.

    Enterprise Chief Executive Officer Jim Teague said in the company’s statement Thursday that it’ll continue to focus on “responsibly growing.”

    Full Content: The Wall Street Journal

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