DALLAS & PHILADELPHIA -- Energy Transfer Partners LP and Sunoco Inc. have announced that, at Sunoco's special meeting of shareholders held on October 4, Sunoco's shareholders "overwhelmingly" approved the merger of Sunoco with a wholly owned subsidiary of ETP--97% of shareholders voting approved the merger transaction.
Pursuant to the previously announced agreement and plan of merger, ETP and Sunoco expect to close the merger effective October 5.
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Shareholders owning a total of 69,613,600 shares voted at the special meeting, representing approximately 66% of the shares of Sunoco's common stock outstanding as of the record date for the special meeting.
Also, the holders of a majority of the votes cast at the special meeting also approved, on an advisory (nonbinding) basis, the proposal regarding specified compensation paid or payable to Sunoco's named executive officers in connection with the merger.
Dallas-based ETP is a publicly traded partnership owning and operating a diversified portfolio of energy assets. ETP has pipeline operations in Alabama, Arizona, Arkansas, Colorado, Florida, Louisiana, Mississippi, New Mexico, Utah and West Virginia and owns the largest intrastate pipeline system in Texas.
Sunoco, Philadelphia, is a leading logistics and retail company. The company owns the general partner interest of Sunoco Logistics Partners LP, which is an owner and operator of complementary pipeline, terminal and crude oil acquisition and marketing assets. Sunoco also has a network of approximately 4,900 retail locations in 23 states.