TransCanada Corp. is offering about $848 million US cash to buy all the equity in Columbia Pipeline Partners LP that it doesn't already own, strengthening its grip on a pipeline network that stretches from New York to the Gulf of Mexico. The company's offer to other investors in the Houston-based limited partnership follows TransCanada's purchase of the Columbia Pipeline Group. Calgary-based TransCanada effectively became the main partner of Columbia Pipeline Partners LP on July 1 and Monday's announcement indicates it plans to buy out the other investors in CPPL for $15.75 US per common unit. It says the offer is 11.3 per cent above the 30-day average closing price for the partnership units. At today's exchange rate, the $848-million US offer is worth about $1.12 billion in Canadian dollars.

Source: CBC News September 26, 2016 14:37 UTC