UPDATE 2-Toromont formalizes hostile bid for Enerflex

* Says no progress made toward a negotiated transaction

* Certain Enerflex stakeholders backing its proposal

* Analyst sees 75 percent chance of deal going through

* Enerflex unit price suggests expectation of sweeter bid (Adds details, analyst comments, stock prices)

By John McCrank and Euan Rocha

TORONTO, Nov 12 (Reuters) - Toromont Industries Ltd (TIH.TO) formalized its hostile takeover offer for Enerflex Systems Income Fund (EFX_u.TO) on Thursday, after its talks with the supplier of equipment for the oil and gas industry failed to bear fruit.

Toromont made a C$597 million ($568 million) offer to acquire Enerflex in October. Enerflex then formed a special committee of independent directors to weigh the bid. [ID:nBNG508346]

But Toromont, which sells, rents and services a broad range of Caterpillar heavy construction and industrial equipment, and makes and installs compression systems, said there has been no meaningful progress toward a negotiated transaction since then. It is now taking its offer directly to shareholders with the formalized offer.

Toromont and Enerflex are the No. 1 and No. 2 largest compression manufacturers in Canada.