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BPMP - BP Midstream Merger: Still A Fair Deal Hold BP For 10%/Year Returns
BP Midstream Partners LP representing Limited Partner Interests
BP Midstream Partners has finalized the terms of its all-stock merger with BP at 0.575 BP ADS's per BPMP unit.
The new ratio is 10.8% better than the initial proposal announced in August, about as I expected. Valuation is fair compared to similar midstream MLPs.
BP can deliver 10.6% per year total return through 2030, similar to BPMP's pre-merger distribution yield.
This return is possible even with declining hydrocarbon production and growing renewables.