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Williams Companies, Inc. (The) (WMB) - $25 value - yours FREE >>
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Williams Companies, Inc. (The) (WMB) - $25 value - yours FREE >>
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Williams-Energy Transfer Receives Merger Approval with Conditions
Williams Companies, Inc. (WMB - Free Report) and Energy Transfer Equity LP merger was recently approved by the U.S. Federal Trade Commission, subject to certain conditions.
The approval is contingent on the combined entity agreeing to sell Williams' 50% stake in an interstate natural gas pipeline that serves Florida –its electric power companies in particular. The antitrust approval was the last regulatory hurdle for the closure of this $20 billion deal.
Notably, Williams’ shareholders will vote for the pending merger on Jun 27. Under the current terms, the merger will fall though if it is not closed by Jun 28, 2016.
Last September, Williams and Energy Transfer Equity signed the merger agreement to help both companies brave the low oil prices. In fact, the deal was estimated to close by the first half of 2016. However, both players have been embroiled in a legal tussle, suing each other for months.
Recently, Williams filed a suit against Energy Transfer Equity to ensure that their merger remains on track. The company took the legal step when Energy Transfer Equity expressed concerns over the merger, citing that the deal had not secured the necessary legal opinion to make it tax free for shareholders. The companies will be facing each other in Delaware's chancery court on Jun 20 to get declaratory judgment on tax issues and settle claims by each party that the other had breached their contract.
WILLIAMS COS Price
WILLIAMS COS Price | WILLIAMS COS Quote
Tulsa, OK-based Williams is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing, and transportation of natural gas.
Currently, the company carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months. Energy Transfer Equity also has a Zacks Rank #3.
Some better-ranked players in the energy sector include PetroChina Co. Ltd. and Braskem S.A. (BAK - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy).
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