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    TRP   CA87807B1076

TC ENERGY CORPORATION

(TRP)
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TC Energy : PipeLines largest unitholder to vote against $1.68 bln merger with Energy

02/19/2021 | 05:10pm EDT

Feb 19 (Reuters) - TC PipeLines LP's largest independent unitholder, Energy Income Partners, said on Friday it plans to vote against the $1.68 billion merger with Keystone pipeline owner TC Energy, saying the deal undervalues the company's assets.

Energy Income Partners has more than 10% stake, which makes it the largest 'non-affiliated' unitholder. It said the deal is "inadequate" and "significantly undervalues" TCP's organic growth opportunities.

Calgary-based TC Energy owns about 24% stake in TC PipeLines through the Master Limited Partnership's (MLP) general partner. The company had said in December it would acquire the rest by offering 0.70 shares for each unit of TC PipeLines.

An MLP, like TC PipeLines, is a corporate structure popular among pipeline companies as they offer tax advantages.

Unlike other companies that are owned directly by shareholders, MLPs are owned and governed by general partners. For TC PipeLines, its general partner is a unit of TC Energy.

The deal, which is expected to close late in the current quarter, will require approval by unitholders at a special meeting set by TC PipeLines for Feb. 26.

Earlier on Friday, TC PipeLines had said independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co have recommended unitholders to vote in favor of the merger.

(Reporting by Rithika Krishna in Bengaluru; Editing by Arun Koyyur)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MLP GROUP S.A. 2.91% 77.8 End-of-day quote.-6.27%
TC ENERGY CORPORATION 0.45% 59.92 Delayed Quote.15.23%
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Financials
Sales 2021 13 809 M 10 951 M 10 951 M
Net income 2021 3 790 M 3 006 M 3 006 M
Net Debt 2021 51 138 M 40 555 M 40 555 M
P/E ratio 2021 14,6x
Yield 2021 5,80%
Capitalization 58 340 M 46 382 M 46 266 M
EV / Sales 2021 7,93x
EV / Sales 2022 7,67x
Nbr of Employees 7 283
Free-Float 89,9%
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Technical analysis trends TC ENERGY CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 68,55 CAD
Last Close Price 59,64 CAD
Spread / Highest target 27,4%
Spread / Average Target 14,9%
Spread / Lowest Target 5,63%
EPS Revisions
Managers and Directors
NameTitle
Francois L. Poirier President, Chief Executive Officer & Director
Donald R. Marchand Chief Financial Officer & Executive VP-Strategy
Siim Alden Vanaselja Chairman
Donald Michael Godfrey Stewart Independent Director
Mary Pat Salomone Independent Director
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