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Enbridge selling Spanish pipeline stake for $1.37B

By Associated Press
May 29, 2008 | Comments (0)

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Crude oil pipeline operator Enbridge Inc. said Thursday it agreed to sell its minority stake in a Spanish petroleum products pipeline company for about 876 million euros ($1.37 billion) in cash.

The buyers of the 25 percent stake in Cia. Logistica de Hidrocarburos SA are subsidiaries of Deutsche Bank AG, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and AMP Capital Investors.

Toronto-based Enbridge, which disclosed in February it was considering alternatives for the asset, received "a very attractive pre-emptive offer from the buying group," Chief Executive Patrick D. Daniel said in a statement.

Closing is set for next month.

Enbridge will apply sale proceeds to projects in North America.

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