Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

El Paso Pipeline Partners Gets Offer To Acquire Assets From El Paso Corp

El Paso Pipeline Partners, L.P. (EPB: Quote) announced that it has received a proposal from El Paso Corp. (EP: Quote) whereby the partnership would purchase from El Paso Corp the remaining 14 percent of Colorado Interstate Gas Company, L.L.C. and all of Cheyenne Plains Investment Company, L.L.C. which owns Cheyenne Plains Gas Pipeline Company, L.L.C.

The proposal is subject to approval by the Board of Directors of El Paso Corporation.

The Board of Directors of EPB's general partner, El Paso Pipeline GP Company, L.L.C. or "EPB GP", has formed a committee made up of independent directors to review the proposal. Following the committee's review, the proposal must also be approved by EPB GP's full Board of Directors, El Paso Pipeline Partners said.

If approved, the transaction is expected to close contemporaneously with Kinder Morgan, Inc.'s acquisition of El Paso Corporation and be immediately accretive to distributable cash flow.

Click here to receive FREE breaking news email alerts for El Paso Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.