A PYMNTS Company

US: Pipeline giant Enterprise Products abandons $28 billion buy

By  |  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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.