Canadian energy company TC Energy Corp. pushed back Tuesday on a suggestion from former Columbia Pipeline Group Inc. shareholders that Delaware's Chancery Court should award them $3.02 billion in rescissory damages stemming from an allegedly unfair $13 billion merger with TC Energy's predecessor TransCanada Corp.
The chief executive of TC Energy Corp. fended off questions Monday from former Columbia Pipeline Group Inc. shareholders about negotiations leading up to the pipeline's $13 billion, $25.50-per-share sale to the Canadian energy company's predecessor TransCanada Corp. in 2016 and insisted that the deal was fair.
Stockholder attorneys have proposed a record $79 million class settlement in Delaware to end claims against Columbia Pipeline Group Inc.'s former CEO and top financial officer for pushing an unfair $13 billion company sale to TransCanada Corp., with claims against the buyer still pending.
As the fallout from the messy break-up of Williams Companies Inc. and Energy Transfer Equity LP continues (see Daily GPI, July 1), two other major natural gas industry mergers have been finalized.
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