Sunoco Shareholders Overwhelmingly Approve Merger
DALLAS & PHILADELPHIA--(BUSINESS WIRE)-- Energy Transfer Partners, L.P. (NYSE:ETP) and Sunoco, Inc. (NYSE:SUN) today announced that, at Sunoco’s special meeting of shareholders held on October 4, 2012 (the “Special Meeting”), Sunoco’s shareholders approved the merger of Sunoco with a wholly owned subsidiary of ETP pursuant to the previously announced Agreement and Plan of Merger. ETP and Sunoco expect to close the merger effective October 5, 2012.
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. Ninety-seven percent (97.0%) of those voting approved the merger transaction. In addition, the holders of a majority of the votes cast at the Special Meeting also approved, on an advisory (non-binding) basis, the proposal regarding specified compensation paid or payable to Sunoco’s named executive officers in connection with the merger.
About Energy Transfer Partners, L.P. (NYSE: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. ETP currently has natural gas operations that include approximately 24,000 miles of gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP also holds a 70 percent interest in Lone Star NGL, a joint venture that owns and operates NGL storage, fractionation and transportation assets in Texas, Louisiana and Mississippi. ETP’s general partner is owned by Energy Transfer Equity, L.P. For more information, visit the ETP website at www.energytransfer.com.
About Sunoco, Inc. (NYSE:SUN) is a leading logistics and retail company. The company owns the general partner interest of Sunoco Logistics Partners L.P., which consists of a two percent ownership interest and incentive distribution rights, and owns a 32.4 percent interest in the Partnership’s limited partner units. Sunoco Logistics Partners L.P. 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.
This press release may include certain statements concerning expectations for the future, including statements regarding the anticipated benefits and other aspects of the transaction described above, that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond the control of the management teams of ETP or Sunoco. Among those is the risk that conditions to closing the transaction are not met or that the anticipated benefits from the proposed transaction described above cannot be fully realized. An extensive list of factors that can affect future results are discussed in the reports filed with the Securities and Exchange Commission by ETP and Sunoco. Neither ETP nor Sunoco undertakes any obligation to update or revise any forward-looking statement to reflect new information or events.
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Energy Transfer Partners
Brent Ratliff, 214-981-0700
Granado Communications Group
Vicki Granado, 214-599-8785
Clare McGrory, 215-977-6764
Thomas Golembeski, 215-977-6298
Source: Energy Transfer Partners, L.P. and Sunoco, Inc.