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Blackstone ends talks for $5 billion Energy Transfer stake

Published 09/01/2017, 21:41
Updated 09/01/2017, 21:50
© Reuters. The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange
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(Reuters) - Private-equity firm Blackstone Group LP (N:BX) is no longer looking at buying a $5 billion (£4.1 billion) stake in Energy Transfer Partners (N:ETP), a source familiar with the matter confirmed on Monday.

In December, Blackstone was said to be looking at a stake in ETP, the company building the controversial Dakota Access Pipeline.

ETP shares fell 2.4 percent on Monday to close at $36.53 a share after the news, first reported by Bloomberg.

© Reuters. The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

ETP announced a private placement of shares with its parent Energy Transfer Equity LP (N:ETE) on Monday, which will garner ETP proceeds of $568 million, in exchange for about 15.8 million common shares of ETP. Shares of the parent company lost 4.7 percent on Monday.

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