Bringing the spin-off companies back makes senseI can really only speak to Spectrra Energy Partners as I was invested in Spectra when that was spun off to begin with. It made sense then as it was primarily the non-regulated business opportunities of the company. There have been changes made particularly in the US that reduce the impact of that arrangement and at Spectra Energy Partners has not fared well since the merger of Spectra with Enbridge. One must also keep in mind that Spectra was the major shareholder of Spectra Energy Partners so it is a bit misleading.
On paper it looks like Enbridge through this acquisition/consolidation gets more value added. That should be a good thing. It also brings into Enbridges control the potential sale of other assets that may further reduce debt.
I still believe that Enbridge is undervalued and once reality settles in and projects are given the green light to proceed (as they must) then it will be reflected in the share price. Typical roller coaster ride but the core value is there.