Enterprise Products Withdraws Its Interest in Williams -- Update
September 08 2016 - 5:37PM
Dow Jones News
By Josh Beckerman
Enterprise Products Partners L.P. confirmed that it had been
looking into a merger with fellow pipeline company Williams Cos.,
but it said it withdrew interest after Williams didn't engage.
In after-hours trading, Williams shares fell 5% to $29.58.
Reuters had reported in August that Enterprise approached
Williams about a potential acquisition at some point after Energy
Transfer Equity L.P.'s late June termination of its deal with
Williams, a transaction initially valued at $33 billion.
Enterprise said that "after extensive analysis of public
information regarding Williams, we submitted non-binding proposals"
to combine Williams and Enterprise.
Since August, Williams and its affiliate Williams Partners LP
have announced several steps intended to strengthen their
operations and finances. These include a revised relationship
between Williams Partners and Chesapeake Energy Corp., a
realignment of Williams Cos.' organizational structure and an
effort to "monetize" a Geismar, La., olefins facility.
Shortly after Corvex Management LP said it planned to replace
the entire Williams Cos. board, the company named three new
independent directors.
Williams representatives didn't immediately return calls for
comment Thursday.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 08, 2016 17:22 ET (21:22 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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