Kinder Morgan Inc. (KMI) announced that at special meetings held by KMI, Kinder Morgan Energy Partners LP, Kinder Morgan Management LLC and El Paso Pipeline Partners LP, unitholders and shareholders approved all proposals related to the previously announced merger. More than 95% of the votes cast at the meetings were in favor of the merger.
The closing of each merger is expected to occur on Nov. 26, 2014. It is therefore expected that Nov. 26 will be the last trading day for Kinder Morgan Energy Partners and El Paso Pipeline Partners units as well as Kinder Morgan Management shares.
“KMI projects a dividend of $2 per share for 2015, a 16% increase over the budgeted 2014 KMI dividend target of $1.72 per share, and the company expects to grow the dividend by approximately 10% each year from 2015 through 2020 while producing excess coverage of over $2 billion,” said chairman and CEO Richard Kinder.
Each of the companies will file a Form 8-K with the Securities and Exchange Commission with the final results as soon as they are available.
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