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Southern Union Shareholders Approve Energy Transfer Equity Deal

HOUSTON -(Dow Jones)- Southern Union Co. (SUG) shareholders on Friday approved the company's buyout by rival pipeline company Energy Transfer Equity L.P. (ETE), officially ending a long-running takeover saga. Shareholders representing about 80% of Southern Union's outstanding shares voted Friday; 98% of the shares were voted in favor of the $5.7 billion acquisition. The companies said the purchase is set to close in the first quarter of 2012, pending regulatory approval. After the merger is completed, Energy Transfer Equity will become one of the largest transporters of natural gas in the U.S. Energy Transfer's initial bid for Southern Union in July was followed by a competing offer by Williams Cos. (WMB), resulting in a bidding war that eventually fizzled out in Energy Transfer's favor. Energy Transfer Chief Executive Kelcy Warren said in an interview that even though the transaction turned "into more of an auction than we hoped," his company is "very pleased" at the result of the negotiations. "We feel that Southern Union shareholders have received top dollar for their company," he said. Southern Union CEO George Lindemann said "the transaction creates compelling opportunities for both Southern Union and Energy Transfer. It is the right next step for Southern Union and delivers significant value for our shareholders." The purchase of Southern Union comes during a major restructuring of the natural-gas-and-oil-transportation business in the U.S., prompted by an onslaught of new production from shale oil and gas fields, and the growth of new urban markets for natural gas in southern states. The shift recently spurred another mega-deal in the pipeline business--Kinder Morgan Inc. (KMI)'s $21.1 billion acquisition of El Paso Corp. (EP), set to close in the second quarter of 2012. -By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@dowjones.com

Stock News for Southern Union (SUG)
DateTimeHeadline
02/15/201217:41:12Energy Transfer Partners 4Q Profit Slips 8.9%; ETE Net Up 13%
01/09/201210:52:24Energy Transfer Partners to Issue $2 Billion in US Debt Markets...
12/09/201114:41:41Southern Union Shareholders Approve Energy Transfer Equity Deal
10/28/201118:27:19Williams Takes Another Look At Southern Union Assets - Filing
10/17/201117:54:08Natural Gas Pipelines Deals May Touch Off More M&A Activity
10/12/201118:58:34Energy Transfer Rejects Williams Request For Southern Assets
08/17/201111:04:48Southern Union Spurns Williams Takeover Offer Of $44 A Share
08/16/201117:38:46Williams Affirms $44/Share Offer For Southern Union
08/15/201120:35:49WSJ: Big Investment Funds Mixed On Approach To Bank Investments...
08/15/201118:51:36Harbinger Reports More Energy And Gadgets But No NY Times Stake
08/15/201118:19:04Icahn Reports New Stakes In Vector Group, El Paso - Filing
08/09/201111:14:47Williams CEO: Evaluating All Options In Bid War For Rival Southern...
08/03/201116:58:26Williams Cos 2Q Profit Up 23% On Performance
07/19/201113:32:54Energy Transfer, Southern Union Reach New $5.7 Billion Deal
07/14/201110:01:36Williams CEO: Hope To Make Southern Union Merger Agreement By...
07/14/201108:59:47Williams Cos Raises Bid For Southern Union To About $5.6 Billion
07/14/201108:59:34INSIDE TRACK: Energy Transfer Equity Chairman Buys Up More Units
07/05/201115:17:37MARKET SNAPSHOT: U.S. Stocks Retreat After Best Week In Two Years
07/05/201107:25:14CORRECT: Energy Transfer Revises Deal To Buy Southern Union With...
07/05/201107:07:01Energy Transfer Revises Deal To Buy Southern Union With Sweetened...

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