The U.S. Federal Trade Commission (FTC) has cleared the combination of Enbridge Inc. and Spectra Energy Corp. FTC voted to accept a proposed consent decree in which Enbridge and Spectra have agreed to enact firewalls governing the flow of certain information to Enbridge about the Discovery offshore Gulf of Mexico natural gas pipeline system, and to take other steps limiting Enbridge’s potential influence over actions related to Discovery. Spectra holds an ownership interest in Discovery through its indirect ownership interest in DCP Midstream LP, which holds a 40% ownership interest in Discovery. Enbridge, through an affiliate, also has offshore natural gas gathering operations in the Gulf of Mexico. With FTC clearance, the merger has only one more regulatory hurdle, which is clearance under the Canadian Competition Act. The companies continue to expect the transaction to close during the first quarter.
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