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Kinder Morgan Canada's shareholders approve Pembina acquisition

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Kinder Morgan Canada's shareholders approve Pembina acquisition

Kinder Morgan Canada Ltd.'s shareholders on Dec. 10 approved Pembina Pipeline Corp.'s planned acquisition of the company.

In separate meetings held early Dec. 10, Kinder Morgan Canada's holders of restricted voting shares, special voting shares and preferred shares voted in favor of Pembina's acquisition of the Kinder Morgan Inc. subsidiary and the class B limited partnership units of Kinder Morgan Canada's subsidiary Kinder Morgan Canada LP, according to news releases from both companies.

Kinder Morgan Canada also received the final order from the Court of Queen's Bench of Alberta approving the deal. With the order, the companies have obtained all regulatory conditions needed for deal completion.

Deal completion remains subject to customary closing conditions, which includes the completion of the sale of the U.S. portion of the Cochin condensate pipeline system by Kinder Morgan to Pembina, which is expected to occur on Dec. 16.

In August, Pembina agreed to acquire Kinder Morgan Canada and the U.S. portion of the Cochin system for about C$4.35 billion. In September, Pembina and Kinder Morgan Canada expanded their merger agreement to include the latter's preferred shares. In late November, independent proxy advisory firms backed the deal.