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SunCoke divests coal mining assets; Williams/ETE merger takes a new turn

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SunCoke divests coal mining assets; Williams/ETE merger takes a new turn

Coal M&A news

SunCoke EnergyInc.'s move to divest substantially all of its remaining coal assetsin a deal with Revelation EnergyLLC has been called an "attractive exit" by FBR & Co.in an April 7 note. The deal will cost SunCoke roughly $10.3 million toRevelation Energy to take on ownership and associated costs.

Rhino ResourcePartners LP announced April 7 that it has signed an agreement toexplore a potential joint venture with AMCIHoldings Inc. subsidiary ION Carbon & Minerals LLC.

Anglo AmericanPlc said April 4 that it is selling its 70% interest in the Foxleigh metallurgicalcoal mine in Queensland, Australia, to a consortium led by Taurus FundManagement. Foxleigh was preparedfor sale as early as January 2015.

Russian coal and steel group Mechel OAO said April 4 that it agreed to sell a 49%stake in its flagship Elga coal mine in Russia to state-owned Gazprombank for34.3 billion Russian rubles, in a deal that provides the troubled miner andsteelmaker with much-needed breathing room from creditors as it prepares torefinance its debt pile.

A majority of creditors approved 's South African randsale of theloss-making Optimum coal mine in South Africa to Oakbay Investments Group'sTegeta Exploration & Resources Ltd., Bloomberg News reported April 7,citing Piers Marsden, administrator of the business rescue proceedings.


Naturalgas/midstream M&A news

If Energy TransferEquity LP's takeoverof rival midstream operator WilliamsCos. Inc. is supposed to be a friendly merger, the friendshipappears be on the rocks as the two companies feud over the consummation of thecorporate marriage that was proposed in September.

As Canadian shoppers forgo trips to the U.S. because of thegap between the countries' currencies, TransCanadaCorp. stepped up to a US$13 billion transaction in March in a show ofcross-border bravado. But timing is everything. TransCanada's March 17announcement of itsplan to buy Columbia PipelineGroup Inc. coincided with what was then the 2016 high for Canada'scurrency.

The U.S. government's move to block the merger of two of the top threeoil-field services providers leaves all of the downside with buyer and the upside —including a $3.5 billion breakup fee — with target , credit and equityanalysts said.

MDU ResourcesGroup Inc. has completed the sale of the last oil and natural gas assets beingmarketed by its subsidiary FidelityExploration & Production Co., marking its exit from the E&Pbusiness. The saleyielded aggregate recognized proceeds and tax benefits amounting to about $500million, a majority of which would be used to repay debt associated withFidelity.

Southern Co.and AGL Resources Inc.announced April 4 they have reached a settlement agreement with mostintervenors and regulatory staff of the Georgia Public Service Commissionregarding the proposed mergerof the two companies.

DominionResources Inc. said it is selling 10,200,000 shares of common stockthrough a registered underwritten public offering to Citigroup partially tofund the company's combinationwith Questar Corp.

Spectra EnergyCorp's indirect subsidiary WestcoastEnergy Inc. has agreed to sell its ownership interests in Spectra's Canadian NGLbusiness to Plains All AmericanPipeline LP's PlainsMidstream Canada ULC for about C$200 million.

Fortis Inc.on April 4 said it has completed its acquisition of Aitken Creek Gas StorageULC, which owns 93.8% of the largest natural gas in British Columbia,from Chevron Canada PropertiesLtd. The remaining share in the storage facility is owned byBP Canada Energy Co.

ArcLightCapital Partners LLC on April 4 said its affiliate Amphora CanadaGas Storage ULC has completed its acquisition of Chevron Alberta Gas StorageULC, which has a 43% non-operated interest in the Alberta Hub gas storagefacility, from Chevron CanadaProperties Ltd.

BlueStone Natural Resources II LLC said it partnered withNatural Gas Partners to purchase QuicksilverResources Inc.'s U.S. oil and gas assets. BlueStone on the purchase of 1,017producing wells in the Barnett Shale play and additional holdings in West Texas.

CenterPointEnergy Inc. unit CenterPoint Energy Services Inc. has the of Continuum RetailEnergy Services LLC's energy services business, including its unit aswell as the natural gas wholesale assets of Continuum Energy Services LLC.