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TransCanada makes an all cash purchase of Columbia Pipeline for US$13 billion

TransCanada makes an all cash purchase of Columbia Pipeline for US$13 billion

Columbia Pipeline shareholders will receive US$25.50 per common share, an 11% premium over the previous day's close. TransCanada will partly finance the deal by selling its merchant power assets in the US northeast and a minority interest in its Mexican natural gas pipeline business. The company has also secured a US$10 billion bridge loan and issued another US$4.2 billion worth of stock to financial institutions.

Columbia Pipeline Group operates approximately 24,000 km of natural gas pipeline, storage and processing assets extending from New York to the Gulf of Mexico. The purchase gives TransCanada large exposure to Marcellus and Utica Shale basins. The deal received unanimous approval by the board of directors of both companies.

Suncor embarks on a new round of job cuts

Suncor embarks on a new round of job cuts

Quebec first nations group joins the fight to stop Energy East at all costs

Quebec first nations group joins the fight to stop Energy East at all costs