Energy giant Kinder Morgan Inc. can move forward with its proposed $44 billion plan to consolidate its oil pipeline businesses, the Delaware Court of Chancery has ruled. In the decision, the court ruled the proposal requires approval from a simple majority vote of shareholders, not a supermajority across multiple stock classes.
“Under the plain language of the partnership agreement, the merger only requires the affirmative vote of holders of a majority of the outstanding limited partner units, voting together as a single class,” said Vice Chancellor J. Travis Laster in In re Kinder Morgan Corporate Reorganization Litigation.
