Loews Corporation Announces Favorable Resolution of Boardwalk Pipelines Acquisition Litigation
Loews (NYSE: L) has announced a favorable resolution in the litigation concerning its 2018 acquisition of minority partner interests in Boardwalk Pipelines. The Delaware Court of Chancery found no liability in connection with the acquisition, overturning a previous ruling from November 2021 that had awarded approximately $690 million plus interest to former minority unitholders. This decision follows the Delaware Supreme Court's reversal of the initial ruling in December 2022. Loews CEO James S. Tisch expressed satisfaction with the ruling, stating that the company believes the 2018 acquisition process was appropriate. The company hopes this ruling will resolve the litigation definitively.
Loews (NYSE: L) ha annunciato una risoluzione favorevole nella causa riguardante l'acquisizione nel 2018 di interessi di partner di minoranza in Boardwalk Pipelines. La Corte di Cancelleria del Delaware non ha trovato responsabilità in relazione all'acquisizione, annullando una precedente sentenza risalente a novembre 2021 che aveva riconosciuto circa 690 milioni di dollari più interessi agli ex unitholder di minoranza. Questa decisione segue l'annullamento da parte della Corte Suprema del Delaware della sentenza iniziale nel dicembre 2022. Il CEO di Loews, James S. Tisch, ha espresso soddisfazione per la sentenza, affermando che l'azienda ritiene opportuno il processo di acquisizione del 2018. L'azienda spera che questa sentenza possa risolvere definitivamente la controversia.
Loews (NYSE: L) ha anunciado una resolución favorable en la litigación relacionada con su adquisición en 2018 de intereses de socios minoritarios en Boardwalk Pipelines. El Tribunal de Cancillería de Delaware no encontró responsabilidad en relación con la adquisición, revocando un fallo anterior de noviembre de 2021 que había otorgado aproximadamente 690 millones de dólares más intereses a los antiguos unitholders minoritarios. Esta decisión sigue a la revocación del fallo inicial por parte del Tribunal Supremo de Delaware en diciembre de 2022. El CEO de Loews, James S. Tisch, expresó satisfacción con el fallo, afirmando que la compañía cree que el proceso de adquisición de 2018 fue apropiado. La empresa espera que este fallo resuelva definitivamente la litigación.
로우스(Loews) (NYSE: L)는 2018년도 보드워크 파이프라인(Boardwalk Pipelines)에서 소수 주주 지분을 인수하는 소송에서 유리한 결정을 내렸다고 발표했습니다. 델라웨어 주 법원은 인수와 관련하여 책임이 없다고 판단하며, 2021년 11월의 이전 판결을 번복하여 약 6억 9천만 달러와 이자를 전 소수 유닛 보유자에게 수여한 판결을 무효화했습니다. 이 결정은 2022년 12월 델라웨어 주 대법원의 초기 판결 번복에 따른 것입니다. 로우스의 CEO인 제임스 S. 티쉬(James S. Tisch)는 이 판결에 대해 만족감을 나타내며, 회사는 2018년 인수 과정이 적절하다고 믿고 있다고 밝혔습니다. 회사는 이번 판결이 소송을 최종적으로 해결할 것으로 기대하고 있습니다.
Loews (NYSE: L) a annoncé une résolution favorable dans le litige concernant son acquisition en 2018 de parts de partenaires minoritaires dans Boardwalk Pipelines. La Cour de Chancellerie du Delaware n'a trouvé aucune responsabilité en lien avec l'acquisition, annulant une décision antérieure de novembre 2021, qui avait accordé environ 690 millions de dollars plus intérêts aux anciens unitholders minoritaires. Cette décision fait suite à l'annulation par la Cour Suprême du Delaware du jugement initial en décembre 2022. Le PDG de Loews, James S. Tisch, a exprimé sa satisfaction quant à ce jugement, déclarant que l'entreprise estime que le processus d'acquisition de 2018 était approprié. L'entreprise espère que ce jugement permettra de résoudre définitivement le litige.
Loews (NYSE: L) hat eine günstige Entscheidung im Rechtsstreit über die Übernahme von Minderheitsanteilen an Boardwalk Pipelines im Jahr 2018 bekannt gegeben. Das Delaware Chancery Court fand keine Haftung bezüglich der Übernahme und hob eine frühere Entscheidung vom November 2021 auf, die ehemaligen Minderheitsunitholdern etwa 690 Millionen Dollar zuzüglich Zinsen zugesprochen hatte. Diese Entscheidung folgt auf die Aufhebung des ursprünglichen Urteils durch den Delaware Supreme Court im Dezember 2022. Der CEO von Loews, James S. Tisch, äußerte sich zufrieden über das Urteil und erklärte, dass das Unternehmen der Meinung sei, dass der Übernahmeprozess von 2018 angemessen war. Das Unternehmen hofft, dass dieses Urteil die Rechtsstreitigkeit endgültig lösen wird.
- Delaware Court of Chancery found no liability for Loews in the Boardwalk Pipelines acquisition case
- Reversal of previous $690 million award against Loews, potentially saving the company significant funds
- Resolution of a major legal uncertainty for the company
- None.
The Delaware Court of Chancery's ruling in favor of Loews is a significant legal victory for the company. This decision effectively reverses the previous $690 million judgment against Loews, which had been a substantial financial liability. The court's finding of "no liability" in the 2018 acquisition of minority interests in Boardwalk Pipelines validates Loews's corporate governance practices.
This outcome likely strengthens Loews's legal position and may deter future similar lawsuits. It also enhances the company's reputation for conducting fair transactions. However, investors should note that while this ruling is favorable, legal challenges can still arise in future corporate actions. The case underscores the importance of robust due diligence and transparent processes in corporate acquisitions, especially when dealing with minority shareholders.
This legal victory has positive financial implications for Loews The ruling eliminates a potential
Investors should view this as a risk mitigation success, potentially leading to a more favorable risk profile for the company. It may also positively impact Loews's credit rating and borrowing costs. However, it's important to remember that this legal victory, while important, is a one-time event. Investors should focus on Loews's ongoing operational performance across its diverse business segments, including insurance, energy, hospitality and packaging, for a comprehensive assessment of the company's financial health and growth prospects.
"We are very pleased that the
As a reminder, in November 2021 the
ABOUT LOEWS CORPORATION
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries. For more information, please visit www.loews.com.
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SOURCE Loews Corporation
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