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Kinder receives $13.4bn bid

Kinder Morgan, the US oil and gas pipeline firm, has received a buy out offer from its boss and a number of investors for around $13.4 billion (£7 billion).

Rich Kinder and a number of board members have combined with a Goldman Sachs unit to make the offer, which is valued at $100 a share.

Mr Kinder said that when debts and other costs are taken into account the total value of the bid is closer to $22 billion.

If the deal goes ahead, it will reportedly be one of the biggest ever private equity deals and analysts believe significant of future price rises in the oil and gas market.

Kinder Morgan would also be delisted from the stock market if the bid is completed. The offer that was made is 18.5 per cent higher than the company's closing share price on Friday.

Mr Kinder said: "Under our proposal, the senior management team would remain intact to help lead our enterprise into the future."

Others involved in the bid are Insurer American International Group and the private equity firms The Carlyle Group and Riverstone Holdings.