logo
Share SHARE
FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
H&R Block, Inc., the largest U.S. tax preparer, said Wednesday after the markets closed that its third quarter loss narrowed sharply from last year, as revenue surged due to an earlier opening of the Internal Revenue Service's e-file system this tax season. The company's quarterly loss per share also smaller than analysts estimated, but its quarterly revenue fell short of analysts' forecast. Microsoft co-founder Paul Allen's maritime plunge took an exciting yet somber turn, after he found the wreck of a once-feared World War II Japanese battleship that met its doom by enemy torpedoes decades ago near the Philippines. A new study reveals that more large companies in the U.S. are run by men with the names John, Robert, William or James than the total number of women CEOs. For each women CEO of S&P 1500 companies there are four men CEOs named John, Robert, William or James, according to a study conducted by the New...
comments powered by Disqus
Follow RTT