Courtesy of Benzinga.
Plains All American Pipeline, L.P. (NYSE: PAA)
(“PAA”) and PAA Natural Gas Storage, L.P. (NYSE: PNG)
(“PNG”) today jointly announced the completion of the merger of PNG with
a wholly-owned subsidiary of PAA, with PNG surviving the merger as a
wholly-owned subsidiary of PAA, effective today, December 31, 2013.
PNG’s common unitholders approved the merger in a special meeting held
today in Houston, Texas. Under the terms of the merger agreement, each
PNG unitholder eligible to receive the merger consideration will receive
0.445 common units of PAA for each PNG common unit owned by such
unitholder, plus cash in lieu of any fractional common units of PAA
otherwise issuable in the merger.
