Enbridge Inc. said late Thursday its board of directors has authorized a 10% dividend increase, setting the dividend at 58.3 cents a share and payable March 1 to shareholders of record Feb. 15. The increase is independent of the company’s planned acquisition of Spectra Energy Corp. and as previously announced Enbridge expects to increase its dividend by about 15% once the deal closes, the company said. “The merger with Spectra Energy brings together the highest quality liquids and natural gas infrastructure franchises in North America with the largest and most diversified growth projects in the industry,” CEO Al Monaco said in a statement. “The strength of this opportunity set gives us confidence that, following a 15 percent increase in 2017, we will be able to extend our industry leading dividend growth rate of 10-12 percent per annum through 2024.” Enbridge and Spectra Energy announced their intention to merge in September, and the deal is expected to close in the first quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News