8-K

ENBRIDGE INC 8-K Report (Mar 7, 2017)

Filed March 7, 2017For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

This 8-K filing from Enbridge Inc. (ENB), dated March 6, 2017, announces the completion of its stock-for-stock merger with Spectra Energy Corp., effective February 27, 2017. This significant transaction involved Enbridge acquiring all outstanding common stock of Spectra Energy in exchange for Enbridge common shares. The merger is expected to create a larger, more diversified energy infrastructure company. Key implications for investors include changes to the Board of Directors composition and the delisting of Spectra Energy's common stock from the NYSE, while Enbridge's common shares continue to trade on both the NYSE and Toronto Stock Exchange under the ticker 'ENB'.

Key Highlights

  • 1Completion of the stock-for-stock merger between Enbridge Inc. and Spectra Energy Corp. occurred on February 27, 2017.
  • 2The transaction involved Enbridge acquiring all outstanding common stock of Spectra Energy in exchange for Enbridge common shares.
  • 3The composition of Enbridge's Board of Directors has been updated to reflect the merger, with representation from both former Enbridge and Spectra Energy boards.
  • 4Spectra Energy's common stock will be delisted from the New York Stock Exchange (NYSE) and de-registered under the U.S. Securities Exchange Act of 1934.
  • 5Enbridge's common shares will continue to be traded on the NYSE and the Toronto Stock Exchange under the ticker symbol 'ENB'.
  • 6The filing also details the retirement of several directors from both Enbridge and Spectra Energy boards concurrent with the merger's closing.

Frequently Asked Questions

The primary event reported is the completion of Enbridge Inc.'s acquisition of Spectra Energy Corp. through a stock-for-stock merger, which was finalized on February 27, 2017.

Spectra Energy's common stock will be delisted from the New York Stock Exchange (NYSE) and de-registered under the U.S. Securities Exchange Act of 1934.

Enbridge's common shares will continue to be traded on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange under the ticker symbol 'ENB'.

The Board of Directors of Enbridge has been expanded to include members designated by Spectra Energy. The new board comprises eight members from Enbridge and five from Spectra Energy, with Gregory L. Ebel serving as Chairman and Al Monaco as President and CEO.