Houston-based Cheniere Energy announced today it has ended its bid to simplify its corporate structure and acquire Cheniere Energy Partners LP Holding LLC, which has an ownership stake in the Sabine Pass LNG export terminals in Lake Charles.
As FuelFix.com reports, Cheniere Energy says attempts to acquire Cheniere Energy Partners ended after the two entities’ boards of directors failed to reach a compromise on the buyout even after Cheniere upped its offer for a stock-for-stock merger.
As a result, the two entities each will continue to be publicly traded, and Cheniere Energy will continue to own 80% of Cheniere Energy Partners.
The deal failed even though a conflicts committee was formed to work out a deal between the two boards. New Cheniere Energy CEO Jack Fusco had hoped to simplify and streamline the structure.
