A kinder Kinder Morgan

摘要

Kinder morgan has responded to shareholder pressure by agreeing to consolidate what arguably is one of the most complicated corporate structures. The acquisition of three separate affiliated entities lowers the company's overall costs of funding previously absorbed by those affiliates. Specifics of the consolidation will see Kinder Morgan (KMI) acquire Kinder Morgan Partners (KMP), Kinder Morgan Management (KMR), and El Paso Pipeline Partners (EPB) for US$71bn, consisting of a mix of equity, cash and assumed debt. Kinder Morgan will convert from a general partner of the underlying MLPs to a traditional C-Corp and also eliminate incentive distribution rights. Equities across the Kinder Morgan complex powered ahead: KMI gained 10.4% to US$39.88; KMP 16.2%, to US$95.48; KMR 26% to US$97.05; and EPB 23.2% to US$41.40. In total, the complex gained US$15.2bn of value, taking the combined market capitalisation to US$106.4bn.