Trans Mountain IPO comes at awkward time for energy giant Kinder Morgan
CALGARY — Kinder Morgan’s plan to raise money for its Trans Mountain expansion through an initial public offering could not come at a more awkward time.
In addition to ongoing protests and federal court challenges, a vote recount in B.C. could tilt the balance of power, giving the Greens or NDP a chance to bog down the $7.4-billion project. The recount begins Monday.
Alberta’s securities regulator is also reviewing Kinder Morgan’s regulatory filings upon a request from Greenpeace, who said it believes the documents overestimate growth in Asian oil demand and don’t go far enough in disclosing climate change-related risks.
The energy giant faces a big hurdle in its goal of raising $1.75 billion in what would be one of the biggest IPOs ever on the Toronto Stock Exchange. It is expecting to complete the offering in the last week of this month.