Why didn't U.S.-based Spectra shareholders receive Enbridge shares in the form of ADRs?

Our Answer

Ann asked this question on March 6, 2018.

Hi Ann,

American Depository Receipts (ADRs) are, or were, used in cases where a foreign company does not have a U.S. listing. Since Enbridge is listed on the NYSE, there was no reason to do this following the merger of Enbridge and Spectra Energy Corp.