Magellan CEO Says Oneok Deal Win for Unitholders, Despite Taxes

The head of Magellan Midstream Partners LP said its $19 million merger proposal with Oneok Inc. is the best option for the energy pipeline operator’s unitholders, despite a major investor’s objection that it comes with a hefty tax bill.

Magellan Chief Executive Officer Aaron Milford said in an interview Tuesday that master limited partnerships are about tax deferral, not tax avoidance.

“People that have been with us a long time have deferred a lot of taxes already,” Milford said. “What’s happening is this transaction’s essentially causing them to recognize those taxes that they’ve deferred. But they have to do that …

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