The Globe and Mail reports in its Tuesday, Aug. 22, edition that Enbridge ($49.39) has been in a slump since announcing its $37-billion takeover of Spectra Energy last September. The Globe's David Berman writes that the shares are down, near an 18-month low, creating a buying opportunity. Investors were initially impressed with the idea that the deal would give Enbridge instant diversification in the United States and Canada. It certainly looked like an effective way of expanding, compared with the environmental opposition and cost overruns that tend to accompany the company's own growth projects. In announcing the deal, Enbridge chief executive officer Al Monaco said that the combined entity would become the largest energy-infrastructure company in North America. The fact that 96 per cent of its cash flow is either regulated or backed by long-term contracts will underpin dividend increases of 10 per cent to 12 per cent a year through 2024, he said, in addition to an anticipated 15-per-cent hike in 2017. Sure enough, Enbridge has raised its dividend twice this year, taking the quarterly payout to 61 cents a share from 53 cents a share, for a 15.1-per-cent boost.