NGL Energy, TransMontaigne End Talks on Acquisition Proposal

Posted by Eric Haun
Friday, August 15, 2014

NGL Energy Partners LP and TransMontaigne Partners LP said on Friday they have terminated discussions on NGL's non-binding proposal to acquire the outstanding common units of TLP, according to a press release.

The discussions were terminated after the Conflicts Committee of TransMontaigne GP LLC's Board of Directors reviewed the terms of NGL's non-binding proposal and determined the two parties would not be able to agree on the price to be offered to unitholders of TLP. The board's independent advisors held several discussions with NGL's representatives in the last month, the release stated.

TransMontaigne GP LLC is the general partner of TLP. TransMontaigne Partners LP provides transport and storage of petroleum and refined products. NGL Energy Partners LP is a vertically integrated energy business whose services include oil logistics.

NGL currently owns TransMontaigne GP LLC, which it purchased from Morgan Stanley in a sale that closed in early July. It also owns 19.7 percent of the outstanding common units of TLP.

(Reporting by Anna Louie Sussman; Editing by James Dalgleish)

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

BP Quits Indonesian Blocks on Risk Concerns

UK-listed energy giant BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company said on Friday.

Tanker Trends

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

News

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

BP Quits Indonesian Blocks on Risk Concerns

UK-listed energy giant BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company said on Friday.

Mergers & Acquisitions

Imabari to Construct Newbuilding Dry Dock

In order to accommodate construction of Ultra-Large newbuilding vessels including recently secured 20,000TEU Mega container ships (about 400m in length and about 59m breadth),

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Mitsui Orders 2 LNG Carriers from MHI

Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3023 sec (3 req/sec)