Market Overview

Targa Shares Rocket Higher Amid Rumor Of Interest From Energy Transfer

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Targa Resources Corp. (NYSE: TRGP) soared more than 20 percent as the market was about to close Thursday on a report the company will be acquired by a limited partnership run by Kelcy Warren.

The report, by Bloomberg news service, said Warren's Energy Transfer Equity LP (NYSE: ETE) would also acquire Targa's operating unit, Targa Resources Partners LP, (NYSE: NGLS) which rose 17 percent on the news.

The combined deal could be valued at between $15 and $17 billion, according to Bloomberg, citing unnamed sources.

An agreement could be reached next week and may involve Regency Energy Partners LP (NYSE: RGP) which is controlled by Warren, Bloomberg said.

Targa Resources closed Thursday at $150.62 a share, up 20.45 percent.

Tagra Resources Partners closed at $81.55 a share, up 17.74 percent.

 

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