INERGY BUYS INERGY

The LP buys the GP and the 2 become 1! Inergy Partners LP (NRGY) is going to merge with Inergy Holdings (NRGP) where holders of the GP will get 0.77 shares of the LP. The deal is neutral to earnings and holders will get $2.82 annual distribution. Both stocks are trading at or near all time highs going into today and the 2 stocks have been among the best performers in mlp land. Those 2 charts are ones that anyone would love and note that the move to all time highs here for both issues happened back around 9 months ago so both these issues have been on a tear for quite awhile. Judging from the takeover ratio it appears that the deal is being done pretty much at Friday's closing prices so there isn't much of a premium.

Elsewhere this morning Regency Partners (RGNC) announces earnings and is aquiring a gas services company for $185 million. We also have Energy Transfer Partners (ETP) putting up earnings numbers this morning. And with the LP reports so does the GP, as we have numbers from Energy Transfer Equity (ETE). And one more deal this morning as Targa Resources is selling assets to Targa Resource Partners (NGLS). And finally record earnings this morning from Quicksilver Gas. One anal-ist move this morning as Barclays ups the price target on DCP Midstream from 33 to 37 bucks and keeps it at an overweight.

Pre ope futures are higher after markets came back in the last hour Friday. Crude is up this morning but nat gas is down a little. Euro markets are up and rates are starting the day a little higher. So we wait for the open which looms in about an hour.