Magellan Midstream's $18.8B Sale to Oneok Approved by Shareholders
Shareholders of Magellan Midstream have voted to approve the company's $18.8 billion sale to Oneok, an oil pipeline operator. The deal, which combines Oneok's natural gas and NGL shipping capabilities with Magellan Midstream, is expected to close before the market opens on Monday. The approval comes after major proxy advisers recommended shareholders vote in favor of the deal. However, Energy Income Partners, one of Magellan Midstream's largest holders, has opposed the deal, arguing that the premium offered does not justify the tax burden on unitholders.
