Spectra Buys Interest In Pipelines, Noble & Posco Quit Offers: Merger and Acquisition Wrap
Spectra Energy Corp (NYSE:SE) will purchase a one-third interest in the Sand Hills and Southern Hills pipelines which are currently under construction by DCP Midstream (NYSE:DCM). Upon completion of the transaction, the buyer, Phillips 66 and DCP would each own a 33.3 percent interest in the pipelines and will equally pay the remaining capital expenditures. Spectra’s total investment in the two projects is estimated at between $700 million and $800 million.
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Noble Group (NOBGF.PK)(NOBGY.PK) and Posco (NYSE:PKX) have abandoned their $1.2 billion takeover offer for Australia’s Arrium, refusing to bid more after the firm’s board turned a sweetened offer down. However, analysts believe that it is Arrium’s benefit to stall, with iron ore prices now rebounding from three-year lows.
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