Spectra Energy Corp (SE.N), an oil and natural gas pipeline company, is bidding for the whole of Williams Companies Inc (WMB.N), even though its market capitalization is about half that of Williams, people familiar with the matter said.
Tulsa, Oklahoma-based Williams decided to put itself on the auction block after it rejected an all-stock acquisition proposal from rival Energy Transfer Equity LP (ETE.N) in June. At the time the bid was worth $53.1 billion including the assumption of debt; it was contingent upon Williams' canceling its plans to acquire the portion of its pipeline subsidiary Williams Partners LP (WPZ.N) that it does not already own for $14 billion.
Houston-based Kinder Morgan Inc (KMI.N) is also interested in Williams, but would face potential antitrust issues if it proceeded with a bid, the people added.Click here to read more.
Williams collected an initial round from prospective bidders in late July according to the people.
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