From the WSJ's Deal Journal:
Two weeks ago, S&P warned it was putting a negative outlook on pipeline company Buckeye Partners LP partly because of Buckeye’s acquisition spree. Today Buckeye responded to that idea by spending another $260 million to buy a terminal facility in New York Harbor from Chevron.This traipse into the Journal's blog empire was triggered by another Journal story:
CEO Clark Smith called the purchase a “milestone acquisition for Buckeye that is integral to our vision and strategy for positioning Buckeye for long-term success.”
Buckeye wants to expand the reach of its network of pipelines to ocean facilities, where it can get international and Gulf Coast petroleum products directly, instead of those offshore products being delivered to the likes of Chevron and then shifted to Buckeye pipelines....MORE
Buckeye Partners 4Q Surges Following Merger; Agrees To Buy Terminal
The stock is down $1.04 at $62.71.