NEWSMAKER-Big-game hunter Duncan bags pipeline co

By Bruce Nichols

HOUSTON, June 29 (Reuters) - Dan Duncan's passion is big-game hunting, but he may have bagged his biggest trophy yet when his Enterprise Products Partners LP (EPD.N) bought TEPPCO Partners LP TPP.N on Monday to create the largest publicly traded U.S. pipeline company.

Duncan, 76, is Houston's richest man, with assets Forbes magazine estimates at $5.9 billion, mostly in his controlling stake in Enterprise. But he has always kept a low profile, remaining active in business but not the social scene in Texas' biggest city.

"He is remarkable. You look at him, and you wouldn't think he had two cars in his garage. He's very laid-back, modest, has a built-in smile on his face, kind of like a Ronald Reagan," said oilman George Strake.

Duncan earned a reputation for creating "win-win" deals and forming enduring personal relationships while building his business.

"In this business, everyone has the same product," Duncan told the Houston Chronicle in April 2006. "What's unique, besides your assets and staff, is your relationships. If you earn people's trust, you'll receive the first call when they want to make a deal."

Analysts and traders familiar with the companies say that Duncan has turned Enterprise from a brick and mortar pipeline operator into a lean and aggressive operator building new infrastructure when it isn't pursuing acquisitions.

TEPPCO said on Monday it had agreed to be bought by Enterprise in a deal worth $3.3 billion. [ID:nN29374081]

Duncan was not available for comment on Monday.