Duncan Energy to Merge with Enterprise Products
Apr 29, 2011
Duncan Energy and Enterprise Products announced today that both companies are planning a definitive merger agreement. In the merger Duncan Energy will become a wholly-owned subsidiary of Enterprise Products' operating partnership through a unit-for-unit exchange. Based on the cash distributions to be paid on May 6 by both companies, the merger would result in a 32% increase in per unit cash distributions for the unitholders of Duncan Energy. The merger is expected to be immediately accretive in terms of distributable cash flow per common unit of Enterprise PRoducts. Shares of Duncan Energy are up 5.67% to $43.05 while Enterprise Products shares are down 2.53% to $48.25.
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