More than a year into its second request with the Federal Trade Commission, DTE Energy Co.’s pending $4.6 billion takeout of MCN Energy Group Inc. appears destined to fail. But whether the Street was too quick to write the transaction off last week remained unclear. As many sources, including arbs and analysts, noted last week, Detroit-based DTE now seems to have adopted a less-than-enthusiastic attitude about the deal. The company’s fourth quarter earnings conference call last Wednesday elicited a strong response from the Street, as DTE emphasized it would do what was in the best interest of its own shareholders.
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