Magellan Midstream Unitholders Approve $18.8 Billion Sale to Rival ONEOK

Magellan Midstream Partners’ unitholders on Thursday voted in favour of its sale to larger rival ONEOK Inc for $18.8 billion, creating one of the largest U.S. energy pipeline companies.

The sale had come under scrutiny with one of the top holders in Magellan, Energy Income Partners LLC, saying in June that it would vote against the deal, due to a burdensome tax structure.

Independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale.

Read the source article at Reuters