ENB

Enbridge Inc

37.10
USD
-1.59%
37.10
USD
-1.59%
36.20 47.67
52 weeks
52 weeks

Mkt Cap 75.16B

Shares Out 2.03B

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Phillips 66 offers to buy pipeline operator DCP Midstream

HOUSTON, Aug 17 (Reuters) - U.S. refiner Phillips 66 PSX.N on Wednesday offered to acquire the public shares of gas and natural gas liquids pipeline operator DCP Midstream DCP.N in a $7.2 billion deal. Canadian pipeline operator Enbridge ENB.TO, which owned 50% of DCP's general partner, said it would reduce its stake in the company to 13.2% from 28.3%. It will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66. Phillips 66's PSX.N economic interest in the Gray Oak pipeline will fall to 6.50% from 42.25%. (Reporting by Arathy Somasekhar in Houston; editing by Gary McWilliams) ((arathy.s@thomsonreuters.com; +1 832 208 3362; Twitter: @ArathySom;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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