Ann: 2013-14 Half-Year Results - Media Release , page-3

re: Ann: 2013-14 Half-Year Results - Media Re... First, a warning: I own both APA and ENV shares.

That said, brokers were almost universally disappointed that APA would acquire ENV. why? Because (a) APA is in less regulated markets than ENV, (b) the changing regulatory system may reduce future price increases, and (c) APA already operates ENV assets so it gets the benefits of revenue without the ownership risk.

My favorite quote is from RBC in wall Street Jl:
"We are struggling to hide our disappointment about the vigor with which APA has pursued this deal,” Paul Johnston, an analyst at RBC Capital Markets.
http://blogs.wsj.com/moneybeat/2013/12/18/apa-banks-on-gas-frenzy-with-envestra-bid/

The ENV Feb14 results barely hide the someone's (CEO's?) negative attitude toward this deal. The merger is mentioned only in the last para of both the announcement and presentation, as if it is a small matter to report. Even then, it mainly reports the merger going to a shareholder vote. In contrast, APA has an entire slide (#22) justifying the merger.