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TransCanada to 'pull and refile' Columbia Pipeline merger papers with FTC

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TransCanada to 'pull and refile' Columbia Pipeline merger papers with FTC

TransCanadaCorp. has withdrawn the pre-merger notification for its plannedacquisition of Columbia PipelineGroup Inc. and will file new documents with the U.S. Federal TradeCommission on May 6.

The new application will replace an April 4 filing and willtrigger a new 30-day review period by the FTC, the company said in a May 4statement. TransCanada is looking to buyColumbia for approximately $13 billion, including debt, to expand itstransportation of natural gas from the Utica and Marcellus shales.

"'Pull and refile' is a common procedure used byapplicants to provide additional time to the FTC to confirm informationabout a complex transaction," TransCanada said. "TransCanada iscooperating with the FTC review and remains confident that it willreceive clearance to allow the merger transaction to close in the second halfof 2016."

Columbia's stockholders are set to vote June 22 on the deal,and it will also require authorization from the Committee on Foreign Investmentin the United States.