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Monday, April 11, 2016

Problematic Williams Merger with Energy Transfer Equity Now Includes One Company Suing the Other

From the Wall Street Journal:
A rift between two pipeline companies in the midst of a $32.6 billion merger deepened on Wednesday after Williams Cos. sued buyer Energy Transfer Equity LP over private shares issued to help finance the deal. 
Tulsa, Okla.,-based Williams separately filed a suit against Energy Transfer Chief Executive Kelcy Warren in a Texas court alleging wrongful interference with the Sept. 28 merger agreement between the two companies as a result of the private offering. 
Williams said it continues to support the merger and isn’t trying to get out of the deal. It said it sued to ensure “all ETE and Williams investors are treated fairly and equitably,” adding it “looks forward to completing the transaction and delivering its benefits to the company’s stockholders.”
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