An overwhelming majority of Energy Transfer Equity LP stockholders agreed to a merger rolling up Energy Transfer Partners LP while protesters attempted to disrupt the meeting over the partnership's proposed Bayou Bridge oil pipeline.
About 98.2% of Energy Transfer Equity holders agreed to the deal to acquire the units of Energy Transfer Partners for 1.28 of its own shares apiece, which values the transaction at about $27 billion. The merged company will be named Energy Transfer LP when the deal is completed Oct. 19, the partnerships said in a Oct. 18 statement.
Police arrested at least two protesters who infiltrated the Dallas meeting, local news media reported. The protesters want the company to stop building the 162-mile Bayou Bridge pipeline in Louisiana. A sprinkler system was also set off in the hotel where the meeting was being held, according to reports.