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Columbia Pipeline Group's dividend payout dependent on TransCanada merger

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Columbia Pipeline Group's dividend payout dependent on TransCanada merger

Columbia PipelineGroup Inc.'s board of directors declared a quarterly dividend of 13.875cents per share, payable Aug. 19 to stock holders of record as of the close of businesson July 29.

The dividend, representing a 3.7% increase from the previousquarter, will not be paid if Columbia Pipeline's planned merger with TransCanadaCorp. is completed on or before the close of business on July 29.

On May 4, TransCanada withdrewits pre-merger notification with the U.S. Federal Trade Commission to trigger anew 30-day review period by the federal regulator upon its planned May 6 filing.

The merger, subject to the approval of Columbia Pipeline's stockholders,is expected to close in the second half of 2016.