CALGARY, ALBERTA--(CCNMatthews - Aug. 17, 2004) -
Not for distribution to U.S. newswire services or for
dissemination in the U.S.
Enbridge Inc. today announced that it has completed the sale of
1,747,500 Trust Units of AltaGas Income Trust ("AltaGas") at a
price of $19.75 per unit pursuant to the exercise of the
over-allotment option granted to a group of Canadian
underwriters. Including the sale of 11,650,000 Trust Units of
AltaGas that closed on August 10, 2004, Enbridge realized net
proceeds of approximately $250 million and generated a pre-tax
gain of approximately $83 million, which will be recorded in the
Company's third quarter results. The Company's interest in
AltaGas has decreased from approximately 36% to 9%.
The underwriting syndicate was led by Scotia Capital Inc., CIBC
World Markets Inc. and RBC Capital Markets, and included BMO
Nesbitt Burns Inc., National Bank Financial Inc., TD Securities
Inc., Clarus Securities Inc., HSBC Securities (Canada) Inc.,
Canaccord Capital Corporation, FirstEnergy Capital Corp. and
Peters & Co. Limited.
Enbridge Inc. is a leader in energy delivery in North America.
Enbridge owns and operates, in Canada and the U.S., the world's
longest crude oil and liquids pipeline system, and Canada's
largest natural gas distribution company, providing gas to 1.7
million customers in Ontario, Quebec, New Brunswick and New York
State. The Company also is involved in international energy
projects, and the natural gas transmission and midstream
businesses. The Company employs approximately 4,000 people,
primarily in Canada, the U.S. and South America. Enbridge common
shares trade on the Toronto Stock Exchange in Canada and on the
New York Stock Exchange in the U.S. under the symbol "ENB".
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the Trust Units in any
jurisdiction. The Trust Units offered have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States
of America.
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