Canadian pipeline operator TransCanada Corp sold its 30 percent interest in Bison Pipeline LLC to its master limited partnership on Wednesday, and hinted it may speed up such drop-down transactions in the months ahead. Calgary-based TransCanada is under pressure from activist investors to transfer ownership of its U.S. natural gas pipeline assets into its MLP, TC PipeLines LP. The activists believe this would help boost the company's stock price.TransCanada said it is selling its interest in Bison to TC Pipelines for $215 million in cash. Bison is a 487-kilometre (303-mile) long natural gas pipeline connecting Rocky Mountain gas supply to downstream markets.Last month, TransCanada said it was committed to selling the remainder of its U.S. natural gas pipeline assets to the MLP over the coming years, but that its current structure was critical to its ability to deliver on its massive capital program.TransCanada's Chief Executive Russ Girling said on Wednesday however that the company intends "to drop down the remainder of those assets on a more sizeable, frequent basis over the coming quarters and years."
TC PipeLines, LP (the Partnership), acquires, owns and participates in the management of energy infrastructure businesses in North America. Shares of TCP remained unchanged at $67.71. In the past year, the shares have traded as low as $43.06 and as high as $68.37. On average, 136959 shares of TCP exchange hands on a given day and today's volume is recorded at 0.
TransCanada Corporation (TransCanada) is a North American energy infrastructure company focused on natural gas pipelines, oil pipelines and energy. Shares of TRP remained unchanged at $51.53. In the past year, the shares have traded as low as $42.21 and as high as $58.40. On average, 1377770 shares of TRP exchange hands on a given day and today's volume is recorded at 0.
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