FORT ST. JOHN, B.C. — Tomorrow, TransCanada Corporation is scheduled to refile its pre-merger notification for the planned acquisition of Columbia Pipeline Group.
The notification was first filed on April 4, with the U.S. Federal Trade Commission. But the Calgary based company announced Wednesday it had been withdrawn and the refiling will set a new 30-day period for FTC review.
A TransCanada news release says ‘Pull and Refile’ is a common procedure used by applicants to provide the Commission additional time to confirm information about a complex transaction.
TransCanada says it remains confident it will receive clearance to allow the merger transaction to close in the second half of this year.
Recall back in March, TransCanada announced an agreement to acquire Columbia for $13US billion.
The move which would allow the Calgary firm to invest in an extensive growing network of regulated natural gas pipeline and storage assets in what are described as, ‘the prolific Marcellus and Utica shale gas regions in the U.S. Northeast.’
The Marcellus Formation is said to be the largest natural gas field in the U.S. and it extends throughout much of the Appalachian Basin.
The Utica Shale, in the same general area, lies under most of New York, Pennsylvania, Ohio, and West Virginia and it also extends under adjacent parts of Ontario, Quebec, Kentucky, Maryland, Tennessee and Virginia.
Meantime, TransCanada has also announced this week it has received the last two of ten pipeline and facilities permits from the BC Oil and Gas Commission needed to start construction and operation of its’ proposed Coastal GasLink Pipeline Project from the South Peace to the Pacific Coast.
It is now waiting for a final investment decision from the Shell-led LNG Canada consortium, which is expected late this year, before starting construction on the 650-kilometre pipeline.
Eight of the permits are related to the pipeline construction and the others to compressor and meter stations near Groundbirch and a meter station in Kitimat.