(Bloomberg) Two decades ago, Richard Kinder helped start a craze for reorganizing big U.S. companies so they’re exempt from the corporate income tax. Today, he said he’s through with the idea.
Kinder disclosed plans to buy up two companies he controls, known as master limited partnerships, for a combined $44 billion, consolidating his oil and natural gas pipeline empire under a single, taxable corporation known as Kinder Morgan Inc. The change will reduce investor payouts, leaving heft to beat rivals on new projects or buy them up, he said.
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