Enbridge Lays Off 1,000 After Spectra Energy Takeover
Whoever stands to gain from Enbridge Inc.’s blockbuster takeover of Houston-based Spectra Energy, it won’t be the 1,000 or so employees—6% of the combined work force—who are losing their jobs after an Enbridge announcement Wednesday.
“After a careful evaluation, Enbridge has taken the difficult but necessary step to address the overlap in the combined company’s organizational structure,” said spokesperson Todd Nogier. “These work force reductions are only one component of the synergies we expect to achieve over the coming months as we fully integrate our companies.”
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Half the cuts will hit in Houston, a source familiar with the decision told CBC.
“The Enbridge takeover of Spectra was unveiled in September 2016,” the national broadcaster notes. “At the time, the all-stock deal was valued at $37 billion. Enbridge said then that it expected about $540 million in annualized operational savings, most of it to be achieved in the latter part of 2018.”