TransCanada Corp. announced that the Committee on Foreign Investment in the United States (CFIUS) has notified TransCanada and Columbia Pipeline Group Inc. (Columbia) that its investigation of TransCanada's proposed acquisition of Columbia is complete and that there are no unresolved national security concerns.
CFIUS clearance satisfies one of the conditions to the closing of the proposed acquisition. Closing is also subject to the clearance by the United States Federal Trade Commission (FTC) under the Hart-Scott-Rodino Anti-Trust Improvements Act (HSR Act) and the approval of Columbia's stockholders scheduled for 22 June 2016. TransCanada pulled and refiled its HSR application on 6 May 2016, which set a new 30 day period for review by the FTC.
TransCanada and Columbia continue to anticipate completing the transaction in 2H16.
TransCanada is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17052016/transcanada-announces-cfius-clearance-for-columbia-acquisition-3321/