Le Lézard
Classified in: Oil industry, Business
Subject: TNM

Enbridge Energy Partners, L.P. Acknowledges Enbridge Inc. Offer and Establishes a Special Committee

HOUSTON, TX, May 18, 2018 /PRNewswire/ - Enbridge Energy Partners, L.P. (NYSE: EEP) (EEP or the Partnership) today announced that it has received a non-binding offer from Enbridge Inc. (Enbridge) (TSX, NYSE: ENB) and Enbridge (U.S.) Inc. to acquire all of the outstanding equity securities of EEP not currently beneficially owned by Enbridge.

The board of directors of Enbridge Energy Management, L.L.C., as the delegate of the general partner of the Partnership (the EEP Board), has established a special committee of independent directors to review and consider the proposal.

The proposed transaction is subject to the review and recommendation by the special committee of the EEP Board, final approvals by the EEP Board and the boards of directors of Enbridge and Enbridge (U.S.) Inc., and negotiation of a definitive agreement. Any definitive agreement is expected to contain customary closing conditions, including standard regulatory notifications and approvals.  There can be no assurance that any agreement will be reached or that a transaction will be consummated.

Unitholders of EEP do not need to take any action with respect to the proposal at this time.

This communication includes certain forward looking statements and information (FLI) to provide EEP unitholders and potential investors with information about EEP and its subsidiaries and affiliates. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to a proposed transaction between EEP and Enbridge.

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the negotiation and execution, and the terms and conditions, of definitive agreements relating to the proposed transactions and the ability of Enbridge or EEP to enter into or consummate such agreements; the risk that the proposed merger does not occur; negative effects from the pendency of the proposed merger; failure to obtain the required vote of EEP's unitholders; the timing to consummate the proposed transaction; the focus of management time and attention on the proposed transaction and other disruptions arising from the proposed transaction; potential changes in the Enbridge share price which may negatively impact the value of consideration offered to EEP unitholders; expected supply and demand for crude oil, natural gas, natural gas liquids and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; economic and competitive conditions; expected exchange rates; inflation; interest rates; tax rates and changes; completion of growth projects; anticipated in-service dates; capital project funding; success of hedging activities; the ability of management of EEP, its subsidiaries and affiliates to execute key priorities, including those in connection with the proposed transactions; customer, shareholder, regulatory and other stakeholder approvals and support; and regulatory and legislative decisions and actions.

Except to the extent required by law, we assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Reference should also be made to the Partnership's filings with the U.S. Securities and Exchange Commission (the SEC), including its most recently filed 2017 Annual Report on Form 10-K dated February 16, 2018 and Quarterly Report on Form 10-Q for additional factors that may affect results. These filings are available to the public over the Internet at the SEC's website (www.sec.gov) and at the Partnership's website.

This press release is not a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell Class A common units of EEP, and it is not a substitute for any proxy statement or other filings that may be made with the Securities and Exchange Commission (SEC) should these proposed transactions go forward. If such documents are filed with the SEC, investors will be urged to thoroughly review and consider them because they will contain important information, including risk factors. Any such documents, once filed, will be available free of charge at the SEC's website (www.sec.gov) and from Enbridge and EEP, as applicable.

Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system's deliveries to refining centers and connected carriers in the United States account for approximately 25 percent of total U.S. oil imports. Enbridge Energy Partners, L.P. is traded on the New York Stock Exchange under the symbol EEP; information about the Partnership is available on its website at www.enbridgepartners.com.

Enbridge Energy Management, L.L.C. manages the business and affairs of the Partnership, and its sole asset is an approximate 20 percent limited partner interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, Canada (NYSE: ENB) (TSX: ENB) is the General Partner of the Partnership and holds an approximate 35 percent interest in the Partnership. Enbridge Management is the delegate of the General Partner of the Partnership.


Enbridge Energy Partners, L.P.


Investment Community

Michael Barnes

Roni Cappadonna

Toll Free: (888) 992-0997

Toll Free: (800) 481-2804

Email: michael.barnes@enbridge.com

Email: investor.relations@enbridge.com


SOURCE Enbridge Energy Partners, L.P.

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