Companies never like to comment on "rumors or speculation," but sometimes all the gossip can be too much for a multi-billion-dollar organization to bear. Enterprise Products Partners LP and Williams are an example.
On Thursday, Enterprise said in a statement that it had approached Williams a while back about a possible combination. "As a result of rumors with respect to our proposals, as well as the lack of engagement by Williams, we have determined that there is no actionable path forward toward an agreement," said Jim Teague, CEO of Enterprise's general partner. "We, therefore, have withdrawn our nonbinding proposals."
It was in July that talks between Enterprise and Williams began, the latter said in its own statement, which was released shortly after Teague's.
"As Williams recently communicated to Enterprise, the Williams board, including the three new directors [see Daily GPI, Aug. 29]...was engaged in the process of carefully reviewing the most recent indication of interest from Enterprise," the company said. "As such, Williams is surprised by today's announcement from Enterprise. As always, the board remains open to considering any potential strategic alternative that would maximize value for stockholders."
Still a bridesmaid, Williams is making plans for the future after its recent jilting by would-be merger partner Energy Transfer Partners LP (see Daily GPI, Sept. 8) as it deals with unwanted interest from an activist investor (see Daily GPI, Aug. 22).