• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 14 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Ecuador’s already-struggling oil industry is…

Colombia Could Help Europe Ditch Russian Coal

Colombia Could Help Europe Ditch Russian Coal

Sanctions on Russia have worsened…

Canada’s Pembina To Buy Veresen In US$7.1B Deal

Pembina Pipeline Corporation is offering to buy Veresen Inc in a deal valued at around US$7.1 billion (C$9.7 billion), including Veresen’s debt and preferred shares, the two Canadian companies said in a joint statement on Monday, adding that the transaction would create an energy company with a pro-forma enterprise value of around US$24.14 billion (C$33 billion).

Under the terms of the arrangement agreement, Pembina is offering to acquire all of the outstanding Veresen common shares in exchange for either 0.4287 of a common share of Pembina or US$13.64 (C$18.65) in cash. The offer represents a 22.5-percent premium to Veresen’s closing share price as of Friday, April 28.

The deal – unanimously approved by the board of directors of the two companies – is subject to a number of closing and customary conditions and regulatory approvals, including the approval of at least 66 percent of holders of Veresen’s common shares. The deal is expected to close late in the third quarter or early in the fourth quarter this year, the companies said.

If the deal goes as planned, upon completion, Pembina’s shareholders will hold around 80 percent of the combined company, and Veresen’s shareholders are expected to own the other 20 percent.

The company resulting from the acquisition will have a strong position in the Western Canadian Sedimentary Basin (WCSB), with Pembina assets primarily located in the Deep Basin, Duvernay, and Alberta Montney complemented by Veresen’s position in the B.C. Montney. The combined company will own around 5.8 billion cubic feet per day (net) of gas processing infrastructure across the WCSB by 2018.

Related: Saudis To Boost Oil Export Capacity To 15 Million Bpd In 2018

“It represents an ideal opportunity to continue building on our respective low-risk, long-term, fee-for-service business models while growing and substantially diversifying our respective asset bases,” Randy Findlay, Pembina’s Chair of the Board of Directors, said in the press release, commenting on the deal. “Combined, these factors give us confidence to increase our dividend by 5.9 percent upon close of the Transaction,” Findlay noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News