CALGARY – Shareholders in Kinder Morgan Canada Ltd. have voted more than 99 per cent in favour of the sale of its Trans Mountain pipeline and expansion project to the federal government for $4.5 billion.
The brief meeting in Calgary was chaired by the CEO of both Kinder Morgan Canada Inc. and its U.S. parent, Steven Kean.
The outcome was not in question as Kinder Morgan Inc. retained about 70 per cent of the shares after spinning off its Canadian assets in a $1.75-billion initial public offering in May of 2017.
Earlier Thursday, the Federal Court of Appeal quashed the approval of the Trans Mountain project after finding that the federal government failed in its duty to engage in meaningful consultations with First Nations before approving the project.
The decision means the National Energy Board will have to begin anew its review of the Trans Mountain project.