Bill Morneau promises to pay $4.5 billion for Kinder Morgan assets valued by the company at US$2.08 billion in 2017

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      Canadians expect their finance minister to be good at math.

      But some might wonder if Bill Morneau agreed to pay a whopping premium for Kinder Morgan's Canadian assets.

      In 2017, Kinder Morgan vallued its Kinder Morgan Canada assets at US$2.08 billion.

      If that U.S. valuation is converted to Canadian dollars today, it is almost $2.7 billion.

      On May 29, Morneau announced that the federal government will buy Kinder Morgan's Canadian assets, including its terminal, for $4.5 billion.

      The deal will close in August.

      These are the numbers on page 134 of Kinder Morgan's most recent annual report.

      Kinder Morgan's Canadian assets are in a separate publicly traded company called Kinder Morgan Canada.

      The Texas-based parent company owns 70 percent of the shares of its Canadian subsidiary.

      Morneau's May 29 announcement made no mention of bailing out minority shareholders in Kinder Morgan Canada.

      In fact, the news release made it appear as though the government is merely buying the assets, which will come under the ownership of a federal Crown corporation.

      "The core assets required to build the Trans Mountain Expansion Project have significant commercial value," the government stated at the time, "and this transaction represents a sound investment opportunity."