P.M. BRIEFING : Texas Eastern Buyout Approved

HOUSTON — Panhandle Eastern Corp. stockholders today approved the issuance of up to 27.1 million shares of common stock to complete the acquisition of Texas Eastern Corp. and create the nation’s second largest natural gas pipeline firm.

At a separate meeting, Texas Eastern stockholders also approved the $3.22-billion buyout.

Upon filing a certificate of merger with the state of Delaware, Texas Eastern will become a wholly owned subsidiary of Panhandle, company officials said. The certificate was expected to be filed before the close of business today.

Panhandle made its $53-a-share tender offer for Texas Eastern on Feb. 21, bettering a hostile $2.66-billion, or $42-a-share, takeover bid from Coastal Corp.