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Targa Shares Up, Then Down on Buyout Rumors
Share prices for Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS) took a roller coaster ride late Thursday and into Friday on rumors of their possible purchase by Energy Transfer Equity LP (ETE), but talks with ETE have ended and no deal is on the table, the midstream energy giants said.
TRGP and NGLS said late Thursday that they had “previously engaged in high-level preliminary discussions regarding a potential business combination” with ETE and certain of its affiliates, but “those discussions have been terminated.
“There are no assurances whether or not discussions could resume or whether any agreement could be entered into in the future.”
On Thursday, TRGP shares jumped more than $25 to close at $150.62/share, and NGLS was up more than $12/unit to $81.55. On Friday, TRGP opened at $136.40 and NGLS at $73.68.
NGLS, a Delaware limited partnership formed in October 2006 by TRGP, is a provider of midstream natural gas, natural gas liquids, terminaling and crude oil gathering services in the United States.
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