TransCanada May Buy U.S. Pipeline Firm
CBJ — TransCanada is allegedly negotiating the takeover of Columbia Pipeline Group for $8 billion with a deal expected by the end of the month.
Columbia, which is American-owned, says its shares increase by 15% after The Wall Street Journal first reported on the sale activity.
In a prepared statement, Calgary-based TransCanada said, “While we are in discussions regarding a potential transaction with a third party, no agreement has been reached and there is no assurance that these discussions will continue or that any transaction will be agreed upon. Until such time as it is appropriate to make a public announcement on any potential transaction, should one occur, TransCanada will not comment further on this matter.”
In November, the U.S. formally rejected TransCanada’s bid to create the Keystone XL pipeline that would have transported oil from Canada’s oilsands to refineries on the U.S. Gulf Coast.
The company is also trying to create the Energy East pipeline that will move Canadian oil from the western oil patch to ports and refineries on the Atlantic coast.