Williams

With disputes surrounding the proposed merger between Energy Transfer Equity LP (ETE) and The Williams Companies Inc. headed to a Delaware courtroom, Williams said the deal would result in significantly fewer commercial synergies between the two companies, but also incented its shareholders to vote for the merger.

The U.S. Federal Trade Commission (FTC) on Thursday cleared Energy Transfer Equity LP’s (ETE) proposed acquisition of The Williams Companies Inc. (WMB) and specified assets to be divested.

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.

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.

Will the merger of Energy Transfer Equity (ETE) and The Williams Cos. Inc. go through? ETE says “no,” but Williams is pushing ahead, executives with each company said Thursday during first quarter earnings conference calls.

Despite an infrastructure permitting setback in New York state and a stalled (at least for now) merger with another major midstream player, Williams and Williams Partners LP reported stronger adjusted earnings for the first quarter.

Will the merger of Energy Transfer Equity (ETE) and The Williams Cos. Inc. go through? ETE says “no,” but Williams is pushing ahead, executives with each company said Thursday during first quarter earnings conference calls.

Despite an infrastructure permitting setback in New York state and a stalled (at least for now) merger with another major midstream player, Williams and Williams Partners LP reported stronger adjusted earnings for the first quarter.