The Williams Companies last week said its shareholders and thoseof MAPCO approved measures necessary to complete Williams’non-taxable, stock-for-stock acquisition of MAPCO. Federal TradeCommission clearance is expected in time for a first-quarterclosing. Thursday, Williams shareholders approved a charteramendment to provide sufficient common shares and authorizedWilliams’ board of directors to issue stock to MAPCO shareholders.

The companies announced Nov. 24 that they had agreed to mergeproviding for Williams to acquire MAPCO for a fixed ratio of 1.665of a share of Williams common stock for each share of MAPCO commonstock (See NGI Dec. 1, 1997). Also Thursday, MAPCO shareholdersapproved the acquisition. “The merger planning is complete and ourorganizations poised to begin delivering results that live up tothe promise of the combination of these two companies as soon asthe transaction is completed,” said Williams Chairman Keith Bailey.”We only lack the final Federal Trade Commission approval to moveforward to closing.”

Following the merger proposal’s announcement, Bailey touted thefit between MAPCO’s natural gas liquids business and Williams FieldServices. “We have various levels that you can analyze that on.First, operationally, we have assets that are in generally the samegeography, so there will clearly be opportunities to look at theway we manage those assets, and I suspect we will be able tocapture some savings and efficiencies with regard to that assetmanagement. If you look at the involvement that MAPCO has hadtraditionally in the NGLs, again it has tended to be a physicalinvolvement, and we have tended to be involved much more so on thefinancial trading side of it.”

Joe Fisher, Houston

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