Blackstone ends talks for $5 billion Energy Transfer stake

In December, Blackstone was said to be looking at a stake in ETP, the company building the controversial Dakota Access Pipeline.

ETP shares fell 2.4 percent on Monday to close at $36.53 a share after the news, first reported by Bloomberg.

ETP announced a private placement of shares with its parent Energy Transfer Equity LP on Monday, which will garner ETP proceeds of $568 million, in exchange for about 15.8 million common shares of ETP. Shares of the parent company lost 4.7 percent on Monday.

(Reporting by David Gaffen in New York; Editing by Jeffrey Benkoe and Sandra Maler)