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Actionable news in PAA: PLAINS ALL AMERICAN PIPELINE L.P.,

Plains Cuts Dividend, Simplifies Structure With $7.2B Deal

Houston energy infrastructure provider Plains All American Pipeline (PAA) said after the markets closed Monday that it's cutting its dividend by 21% and entered into a transaction with Plains GP Holdings (PAGP) that will simplify its structure.

Specifically, PAA is buying a 2% general partner interest in PAGP as well as incentive distribution rights from Plains AAP for $7.2 billion in stock and debt. AAP will get 245.5 million newly issued PAA units and PAA...


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