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El Paso Reschedules Kinder Morgan Merger Vote

By Ben Lefebvre Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- El Paso Corp. (EP) has postponed a special meeting for shareholders to decide whether to approve a takeover by Kinder Morgan Inc. (KMI) after a Deleware court denied challenges to the merger. El Paso shareholders will vote Friday, three days after originally scheduled, to approve the $21.1 billion takeover that would create the largest natural gas pipeline company in the country. The postponement will give shareholders "additional time to consider" the Delaware Court of Chancery's March 1 opinion, El Paso said. El Paso shareholders had argued that the deal contained too many conflicts of interest. Goldman Sachs Group (GS) was the banker for El Paso while its private equity operations owned a 19% stake in Kinder Morgan, and El Paso Chief Executive Douglas Forshee was also privately interested in buying some of El Paso's businesses back from Kinder Morgan after the merger was completed. The Delaware judge said the deal process could continue but critized its handling, adding that shareholders still have time to prove the deal was "tainted by disloyalty." -By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com

Stock News for El Paso (EP)
DateTimeHeadline
05/24/201211:20:53Kinder Morgan, Completing El Paso Deal, Sees Higher Savings
05/21/201214:05:10PG&E Names El Paso Veteran To Gas Pipeline Team
05/18/201217:41:35El Paso Unit Asks US Energy Department For LNG Export Authorization
05/18/201208:51:14El Paso Pipeline To Pay $635 Million To Acquire Midstream Assets...
05/17/201218:50:57Kinder Morgan To Replace El Paso In S&P 500 Next Week
05/15/201219:31:42Icahn No Longer Reports Stakes In El Paso, Motorola Solutions
05/03/201209:19:15El Paso 1Q Net Up 39%; El Paso Pipeline Income Up 17%
05/02/201213:38:30Applications Given Early Antitrust Clearance
05/01/201214:13:52FTC: Kinder Morgan Must Sell 3 Rocky Mountain Pipelines For El...
04/25/201217:30:36Kinder Morgan To Buy 50% Interest In Natural-Gas JV From KKR
04/19/201201:02:42CORRECT(4/18): Kinder Morgan Energy 1Q Profit Drops 39%
04/18/201218:16:21El Paso To Sell Some Midstream Assets To Pipeline Partnership
03/20/201221:51:12Korea National Oil: Part Of Group Acquiring El Paso Oil Assets
03/19/201216:06:12FILLFILLFILL*Korea National Oil Corp A Partner In El Paso E&P...
03/15/201210:06:54Kinder Morgan To Sell Some Pipeline Assets For FTC OK Of El Paso...
03/09/201213:31:21El Paso Holders Overwhelmingly Approve Kinder Morgan Merger
03/05/201211:36:34El Paso Reschedules Kinder Morgan Merger Vote
02/27/201208:21:06El Paso 4Q Net More Than Doubles; El Paso Pipeline Earnings Up...
02/24/201219:24:11CORRECT: El Paso To Sell Exploration And Production Business...
02/24/201218:30:07El Paso To Sell Exploration And Production Business For $7.15...

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