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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EL Paso Corp. (Holding Co.) | NYSE:EP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.75 | 0.00 | 01:00:00 |
Kinder Morgan Inc. (KMI) agreed to sell certain Kinder Morgan Energy Partners L.P. (KMP) assets in order to receive U.S. Federal Trade Commission approval of its proposed El Paso Corp. (EP) acquisition.
Kinder Morgan agreed to buy El Paso in a cash and stock deal valued at $21.1 billion when announced in October. Last week, El Paso shareholders overwhelmingly approved the sale, which would create North America's largest natural-gas pipeline operator.
Kinder Morgan Energy transports natural gas and coal.
Under the tentative FTC agreement, Kinder Morgan will sell Kinder Morgan Interstate Gas Transmission; Trailblazer Pipeline Co.; its Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming; and the company's 50% interest in the Rockies Express Pipeline.
"We would prefer to retain all of these assets, but as we anticipated when the transaction was announced, we must sell certain assets in the Rockies to obtain FTC approval," Chairman and Chief Executive Richard D. Kinder said.
Kinder Morgan expects to offer drop-down El Paso assets to Kinder Morgan Energy to replace the assets that latter will divest.
El Paso also expects to offer drop-down assets to El Paso Partners L.P. (EPB), a natural-gas pipeline and storage facility operator.
Kinder Morgan now expects to close the El Paso acquisition in mid to late May.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
Order free Annual Report for El Paso Corp.
Visit http://djnewswires.ar.wilink.com/?link=EP or call 1-888-301-0513
Order free Annual Report for El Paso Pipeline Partners LP
Visit http://djnewswires.ar.wilink.com/?link=EPB or call 1-888-301-0513
Order free Annual Report for Kinder Morgan, Inc.
Visit http://djnewswires.ar.wilink.com/?link=KMI or call 1-888-301-0513
Order free Annual Report for Kinder Morgan Energy Partners LP
Visit http://djnewswires.ar.wilink.com/?link=KMP or call 1-888-301-0513
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