Judge Won't Block $21B Kinder Morgan-El Paso Deal

Law360, New York (February 29, 2012, 10:18 PM ET) -- A Delaware judge “reluctantly” decided not to stop Kinder Morgan Inc.’s proposed $21.1 billion buyout of El Paso Corp. Wednesday, but said a class of shareholders could probably prove there were breaches of duty involving Goldman Sachs & Co. as well as El Paso's CEO.

El Paso shareholders had asked Chancellor Leo Strine Jr. to put a preliminary injunction on the deal, pointing out that long-time El Paso adviser Goldman Sachs holds a 19 percent stake in Kinder Morgan worth roughly $4 billion. That relationship creates...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required