M&As this week: Polski Koncern Naftowy Orlen, Corvex Management, Shanghai Dazhong Public Utilities

Polski Koncern Naftowy Orlen (PKN Orlen) has agreed to purchase the remaining 5.97% interest in Unipetrol for CZK4.1bn ($188.45m) to gain full ownership of the latter.

The company will purchase 10.8 million shares priced at CZK380 ($17.83) a share, as part of the transaction.

PKN Orlen currently holds 170 million shares representing a 94.03% interest in Unipetrol.

Based in Poland, PKN Orlen is an oil refining company, while Unipetrol is a Czech refining and petrochemical company.

The acquisition will strengthen PKN Orlen’s business operations.

Corvex Management has entered a stock purchase agreement to divest two million shares of Energen Corporation to diversified holding company Icahn Group for $129.68m.

The transaction is being executed through Corvex’s Corvex Master Fund and Corvex Select Equity Master Fund.

Corvex Management is an employee-owned hedge fund sponsor, while Energen Corporation is an independent oil and gas exploration and production company.

All the companies involved in the acquisition are based in the US.

The transaction is expected to strengthen Icahn Group’s investment portfolio.

Natural gas distribution company Shanghai Dazhong Public Utilities (DZUG) has signed an agreement to purchase a 100% interest in Shanghai Ruyu Energy Investment and a 49% share in Shanghai Huiran Investment for CNY1.6bn ($252.06m).

Shanghai Ruyu Energy Investment and Shanghai Huiran Investment are investment firms, which respectively own 25% and 22.5% stakes in gas producer and distributor Jiangyin Tianli Gas.

DZUG will pay CNY1.1bn ($169.28m) for Shanghai Ruyu shares and CNY527.14m ($82.78m) for Shanghai Huiran shares, as part of the transaction.

DZUG will fund the purchase through self-financing and its internal resources.

Shanghai Ruyu will become a subsidiary of DZUG, following the transaction.

All the companies involved in the transaction are based in China.

The Williams Companies (Williams) has entered an agreement with Williams Partners to purchase the rest of the 256 million public outstanding units in the latter for $10.5bn.

Williams will issue a total of 382.5 million shares as part of the transaction. Each Williams Partners unit holder will get 1.494 William’s shares in exchange for each unit.

Williams Companies is an energy company, while Williams Partners is a midstream company.

Both companies are based in the US.

The transaction is expected to strengthen Williams’ business operations.

Canadian energy infrastructure company Enbridge plans to acquire the remaining outstanding shares of Spectra Energy Partners (SEP), Enbridge Energy Partners (EEP), Enbridge Energy Management (EEQ) and Enbridge Income Fund Holdings (ENF) for C$11.4bn ($8.88bn).

The acquisition will be executed through its subsidiaries and funded through the issuance of 272 million shares.

Enbridge is an energy infrastructure company, while ENF owns interest in liquids transportation and storage assets. Both companies are based in Canada.

SEP is a US-based pipeline and storage facilities operator, while EEP owns a diversified portfolio of crude oil transportation systems, and EEQ owns a limited partner interest in EEP.

The acquisition aims to bring all the core liquids and gas pipeline assets of Enbridge under a single entity and strengthen its business operations.