REUTERS/Charles Mostoller/File Photo Acquire Licensing RightsSept 21 (Reuters) - Magellan Midstream Partners' (MMP.N) unitholders on Thursday voted in favour of its sale to larger rival ONEOK Inc (OKE.N) for $18.8 billion, creating one of the largest U.S. energy pipeline companies.
Independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale.
Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable.
Michael Mears, Magellan's previous chief executive officer, also would receive about $26.5 million in equity, while the company's current chief commercial officer and general council will receive multi-million dollar packages.
Magellan, however, said it expects ONEOK to consider the outcome of the compensation vote, along with other factors, when considering future executive pay.
Persons:
Charles Mostoller, unitholders, Glass, Aaron Milford, Jeff Holman, Michael Mears, Magellan's, ONEOK, Mrinalika Roy, Gary McWilliams, Sharon Singleton
Organizations:
REUTERS, Midstream Partners, ONEOK Inc, Energy, Partners, Glass Lewis, Co, ISS, Thomson
Locations:
Elliston , Virginia, U.S, Magellan, Bengaluru, Arathy, Houston