• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 19 mins Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 12 hours Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 13 hours Modest drop in oil price: SPRs vs US crude inventory build
  • 23 hours 2019 - Attack on Saudi Oil Facilities.
  • 3 days Ukrainian Maidan after 8 years
  • 3 days Peak oil - demand vs production
  • 4 days "How the CO2 shortage is impacting the food and drink sector" - Specialty Food Magazine
  • 4 days NordStream2
  • 4 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
Ford Looks To Bring Semiconductor Manufacturing Stateside

Ford Looks To Bring Semiconductor Manufacturing Stateside

A global semiconductor shortage has…

Aramco And Reliance Industries Scrap $15 Billion Refinery Deal

Aramco And Reliance Industries Scrap $15 Billion Refinery Deal

Saudi Aramco and Reliance Industries…

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