From Houston Business Journal:
A handful of Houston executives and directors have left Spectra Energy following it being acquired for $28 billion by Canada-based Enbridge Inc. (NYSE: ENB).
Enbridge completed its deal to buy Spectra Energy Corp. on Feb. 27, taking the latter company off the market by paying shareholders of the no-longer-trading New York Stock Exchange ticker SE 0.984 shares of the combined company, which is still called Enbridge Inc. — for each SE share they owned. The Spectra Energy Corp. and Enbridge MLPs, Spectra Energy Partners LP (NYSE: SEP) and Enbridge Energy Partners LP (NYSE: EEP), are still trading under their own tickers on the New York Stock Exchange.
The following executives no longer hold any position in the Enbridge family of companies, according to a spokesman:
• Pat Reddy, Spectra’s CFO
• Reggie Hedgebeth, Spectra’s general counsel
• Dorothy Ables, Spectra’s chief administrative officer
• Julie Dill, Spectra’s chief communications officer
Meanwhile, Greg Ebel, Spectra’s chairman, president and CEO, is now chairman of Enbridge’s board of directors, though he does not hold any executive positions in the company. Ebel is no longer on the board or chairman of Spectra Energy Partners. Fred Fowler, who had been the chairman, president and CEO of Spectra until 2008, is also no longer on the board of Spectra Energy Partners.
Bill Yardley, formerly the president of U.S. transmission and storage at Spectra, is the new president and chairman of Spectra Energy Partners. Vern Yu, an Enbridge executive vice president and the company’s chief development officer, is now on Spectra Energy Partners’ board and C-suite as chief development officer. John Whelen and Laura Sayavedra, Enbridge’s CFO and vice president of sponsored vehicles, respectively, are also on Spectra’s board. Michael Morris, the former top executive at American Electric Power Co. Inc. (NYSE: AEP), is also now on the board of the directors.
The deal created a combined company with an enterprise value of $126 billion — becoming the largest energy infrastructure company in North America, according to an emailed statement.
Enbridge cleared the last two regulatory hurdles, FTC approval and the Canadian Competition Bureau, in the second half of February.
