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  "documentTitle": "Spectra Energy Corp (SE)",
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  "authorName": "Sandell Asset Management",
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  "notes": "Includes a specific valuation target of $41-$48 per share.",
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      "text": "These steps will 1) better align shareholder bases to assets, reducing SE's conglomerate discount thereby lowering cost of capital and 2) tie management incentives more directly to operational performance of assets and strategy",
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      "text": "We estimate that an appropriate valuation for SE would be $41 to $48 per share (+32% to +55% upside) if it were to take the following steps",
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      "text": "Step 2: IPO/Sell SE's Canadian operations, a fully-owned subsidiary operating as Westcoast Energy Inc. (WE)",
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      "text": "Step 3: IPO/Sell SE's 50% stake in DCP Midstream LLC (DCP) to highlight DCP's MLP-qualifying income",
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      "text": "Step 1: Drop-down SE's US Transmission (UST) assets into Spectra Energy Partners, LP (SEP), an MLP",
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      "text": "share price: $41-$48",
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      "text": "SE is one of the largest North American energy infrastructure companies with $25bn+ of prospective investment projects, operated and perceived as a utility company",
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      "text": "Goal: Transform Spectra Energy Corp (SE) from 'Utility' to Energy Infrastructure Player",
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      "text": "Unlocking Shareholder Value at Spectra Energy Corp",
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