Merger

Energy Transfer Equity LP (ETE) Thursday said it is pursuing a counterclaim in a lawsuit filed by The Williams Companies Inc. for the right to terminate the companies’ merger agreement. A trial is scheduled for June 20 (see Daily GPI,May 25). ETE said Williams has breached the merger agreement by, among other things, refusing to cooperate with ETE in the financing of the deal and suing Kelcy Warren, the chairman of ETE’s general partner, personally in Dallas County, TX, in violation of a mandatory forum selection provision in the merger agreement. ETE is seeking a declaratory judgment that Williams breached the merger agreement, including by its board of directors modifying or qualifying its approval and recommendation of the merger. ETE also seeks a judgment that entitles it to immediately terminate the merger agreement. “In the event ETE is entitled to and does terminate the merger agreement due to a modification or qualification of the Williams board of directors’ recommendation of the merger, Williams would owe ETE a termination fee of $1.48 billion,” ETE said.

Houston-based FMC Technologies Inc., one of the leading subsea service providers in the world, as well as a surface technology provider, is merging with energy engineering and construction giant Technip, based in Paris, in a transaction valued at $13 billion.

Houston-based FMC Technologies Inc., a technology innovator in the subsea and on land, on Thursday agreed to merge with Paris-based Technip, an energy engineering and construction giant, in a transaction valued at $13 billion.

Hostilities have climbed further in the once-friendly merger of Energy Transfer Equity LP (ETE) and the Williams Companies Inc. as the latter announced another lawsuit against its now-retreating suitor.

Hostilities have climbed further in the once-friendly merger of Energy Transfer Equity LP (ETE) and the Williams Companies Inc. as the latter announced another lawsuit against its now-retreating suitor.

Following the completion of commissioning demonstration tests, Sabine Pass Liquefaction LLC and Sabine Pass LNG LP asked FERC for authorization to place into service the liquefied natural gas (LNG) export terminal’s Train 1 facilities. More than a half-dozen commissioning cargoes have left the first train of the Cheniere Energy Louisiana terminal to date (see Daily GPI,April 29). Last Friday the Cheniere companies asked the Federal Energy Regulatory Commission to allow certain Train 1 facilities to enter commercial service by Tuesday (May 3). “Pending approval from FERC, Sabine could begin commercial operations at Train 1,” Genscape Inc. said in a note. The facility’s first train has contracts to supply Royal Dutch Shell/BG Group, Kansai Electric Power Co., and Chubu Electric Power Co., Genscape said.

Following the completion of commissioning demonstration tests, Sabine Pass Liquefaction LLC and Sabine Pass LNG LP asked FERC for authorization to place into service the liquefied natural gas (LNG) export terminal’s Train 1 facilities. More than a half-dozen commissioning cargoes have left the first train of the Cheniere Energy Louisiana terminal to date (see Daily GPI,April 29). Last Friday the Cheniere companies asked the Federal Energy Regulatory Commission to allow certain Train 1 facilities to enter commercial service by Tuesday (May 3). “Pending approval from FERC, Sabine could begin commercial operations at Train 1,” Genscape Inc. said in a note. The facility’s first train has contracts to supply Royal Dutch Shell/BG Group, Kansai Electric Power Co., and Chubu Electric Power Co., Genscape said.

Halliburton Co. and Baker Hughes Inc. terminated their merger agreement on Sunday, ending an 18-month saga in which U.S. and European regulators challenged the multi-billion dollar tie-up.

Baker Hughes Inc. said Monday it plans to reduce its U.S. onshore pressure pumping business one day after its multi-billion dollar merger with Halliburton Co. was scuttled.