RE:RE:Could TWM be a takeover target?The PPL/IPL merger today I think says a lot about what TWM isn't: integrated, at scale and unique. Every piece of the current patchwork that is TWM could have been bought by someone else: PGR, BRC, Ram were all purchased individually and competitively.
I think with PGR a private equity take over could make sense, or a partnership with an infrastructure fund. TPZ taking an interest in the Pipestone plant to fund the expansion absolutely makes sense given the improving credit quality of the producers there. As they reduce debt and increase DCF/share they can start self funding some of their own strategic capital plans. I think this started as a 'build something to flip' idea but I think it's more likely now that they go it alone for a while longer.
I think for anything to happen the smoke has to clear around Pioneer and renewable diesel, for better or worse that should be soon.