PAA Announces Withdrawal of Registration Statement for GP IPO
Plains All American Pipeline, L.P. Announces Withdrawal of Registration Statement for GP IPO
Houston.- Plains All American Pipeline, L.P. (NYSE: PAA) today announced it has been informed by its general partner owners that they requested the withdrawal of the registration statement previously filed by Plains GP Holdings, L.P. with respect to an initial public offering of master limited partnership units.
The Partnership stated that market conditions have substantially deteriorated since the IPO process began in August 2007. The intent of the offering, which contemplated the sale of a relatively small minority interest to the public, was to provide the general partner owners with a public market valuation for their investment as well as to facilitate potential future business combinations by PAA.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.
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