Oneok magellan vote

Securities and Exchange Commission. The merger oneok magellan vote subject to satisfaction of other customary closing conditions and is anticipated to close before market on Monday, September 25,with Magellan common units expected to cease trading on the New York Stock Exchange at the close of business on Friday, September

Pierce H. Final, formal closure of the transaction is expected early next week after legal and other reviews of details, officials from both companies told the Tulsa World. ONEOK is a leading midstream energy services provider with an approximately 40,mile network of natural gas liquids and natural gas pipelines. The combined company will own thousands of miles of liquids-oriented pipelines, with significant assets and operational expertise at the Gulf Coast and Midcontinent market hubs, ONEOK said. Norton will continue to serve as CEO of the combined company. Specific results of that vote also were not announced, nor was the amount executives would have benefited.

Oneok magellan vote

In June, one of the top stakeholders in Magellan, Energy Income Partners, scrutinised the deal due to its difficult tax structure. Nevertheless, the unit-holders voted against compensation to be paid to top executives related to the deal. Find out more. The merger is not conditioned on the compensation vote and if the acquisition is approved then the compensation is therefore payable. In , US natural gas production was around Five of the 34 natural gas-producing states account for Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. We are confident about the unique quality of our Company Profiles.

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For full functionality of this site it is necessary to enable JavaScript. Here are the instructions how to enable JavaScript in your web browser. Yet, unitholders did vote against executive officers related to the deal being paid compensation. Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable. Additionally, the company's current Chief Commercial Officer and general council will receive multi-million-dollar packages. Magellan, however, stated that when considering future executive pay, it expects ONEOK to acknowledge the outcome of the compensation vote, along with other factors. The September issue of World Pipelines includes a keynote feature on automation technology for pipelines, and technical articles on deepwater pipeline engineering, hydrogen pipelines, launching and receiving pigs, PLUS a special section on North American pipelines.

Following shareholder approvals, the deal is expected to close before markets open on Monday, Sept. East Daley has highlighted investor questions about how commercial synergies can be derived from the deal. In a Sept. The institutions who voted for this deal did not incur the tax, their underlying taxable investors do. Both companies will disclose the final shareholder voting results with the U. Securities and Exchange Commission. Chris covers the North American upstream shale energy industry and the acquisition and divestiture deal markets. Energy Corp. Between June 22 and Oct.

Oneok magellan vote

Brings together two premier energy infrastructure businesses with strong returns on invested capital and diverse free cash flow generation. Expect to achieve immediate financial benefits, including cost, operational and tax synergies, supporting meaningful expected accretion. Compelling long-term value proposition driven by consistent and disciplined capital allocation philosophy. Complementary and diversified asset positions with potential for additional cost and commercial synergies over time. Strong investment-grade credit ratings with enhanced scale and diversification. The combination of ONEOK and Magellan will create a diversified North American midstream infrastructure company with predominately fee-based earnings, a strong balance sheet and significant financial flexibility focused on delivering essential energy products and services to our customers and continued strong returns to investors," said Pierce H. We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK," added Norton. We believe ONEOK shares these priorities, and we are pleased to join them in creating a stronger, more diversified midstream company," said Aaron Milford, Magellan president and chief executive officer. This transaction provides a significant upfront cash component and an opportunity for Magellan investors to benefit from the attractive cash dividend offered by the combined company going forward.

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Nevertheless, the unit-holders voted against compensation to be paid to top executives related to the deal. Edit Close. People are also reading…. Norton will continue to serve as CEO of the combined company. Users can customize the app so you see the stories most important to you. Company Profile — free sample Thank you! Media Relations: Brad Borror Phone: brad. Investor Relations: Paula Farrell Phone: paula. Save hours of research. Read Today's E-edition. View profiles in store.

The materials outline the tax implications Magellan considered before determining to approve the transaction.

We are confident about the unique quality of our Company Profiles. I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the privacy policy. Securities and Exchange Commission. Sign in here. Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "future," "build," "focus," "continue," "strive," "allow" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. Tulsa, OK Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable. Episode A recent study looked at what the best places to live in America have in common. Register for more free articles. For full functionality of this site it is necessary to enable JavaScript.