CALGARY, AB. — Enbridge has announced that its shareholders have overwhelmingly approved the required resolutions regarding the company’s proposed merger with Spectra Energy at a shareholders meeting in Calgary yesterday.
99.42 percent of Enbridge shares voted in favour of the merger. At a separate meeting in Houston, Texas Spectra Energy Corp. shareholders also approved the merger.
“We are pleased with the results of today’s vote, and we thank Enbridge and Spectra shareholders for their overwhelming support and confidence in our future,” said Al Monaco, President and Chief Executive Officer, Enbridge Inc. “This marks an important milestone toward creating North America’s premier energy infrastructure company, with the size, scale and scope that will launch Enbridge into a unique global investment category.”
Monaco noted that integration planning is well underway. “We’re pleased with our progress in planning for the integration of the two companies and we will be ready to operate as one company, with one vision, when the Transaction closes. Over the decades, our two companies have proven they approach shareholder value creation, customers, communities and staff in the same way, and we look forward to welcoming the Spectra team to Enbridge.”
Both companies say they are continuing to work towards meeting the closing conditions and required regulatory approvals. Clearance has been received under the Canada Transportation Act to complete the merger, while the Committee on Foreign Investment in the United States has begun its 30-day review period after accepting notice from both Enbridge and Spectra on November 21st. The CFIUS review will conclude no later than December 20th, unless it extends the review period. Additionally, on December 8, the Ontario Energy Board has said that it is satisfied the merger does not require its approval.
Pending remaining conditions and approvals, the merger is expected to close in the first quarter of 2017.