TC Energy (TRP) late Tuesday said its shareholders voted in favor of the proposed spinoff of its liquids pipelines business South Bow as a standalone business.
As structured, investors will receive a new TC Energy common share and 0.2 of a share in the new company for each share they now own in the Canadian pipelines company. The deal, which is still subject to regulatory approvals in the US and Canada, is expected to close late in the company's Q3 or early in Q4.
TC Energy shareholders also voted to return all 13 director nominees to the board.
Price: 38.22, Change: -0.40, Percent Change: -1.02
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments