Targa Deal Discussions With Energy Transfer Equity Terminated

(RTTNews) - Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS) Thursday said they had previously engaged in high level preliminary discussions regarding a potential business combination with Energy Transfer Equity, L.P. and certain of its affiliates, but those discussions have been terminated.

There are no assurances whether or not discussions could resume or whether any agreement could be entered into in the future.

Bloomberg had reported earlier that pipeline conglomerate Energy Transfer, run by billionaire Kelcy Warren, was in talks to acquire Targa Resources and its operating unit, Targa Resources Partners LP (NGLS).

A deal was said to value Targa's assets at more than $15 billion. Energy Transfer reportedly considered a cash and stock deal.

TRGP, which closed up 20.5 percent on Thursday at $150.62, tumbled 10.2 percent in the extended trade.

NGLS, which settled up 17.7 percent at $81.55, lost over 9 percent in trading after the close.