Midstream firm Williams Companies on Sunday said it rejected a $48 billion buyout offer from Energy Transfer Equity. Williams said it was exploring strategic alternatives after turning down an unsolicited proposal that “significant undervalues” Williams. Equity Transfer later came forward as the unidentified suitor. The buyout would have been contingent on the termination of Williams’ previously announced merger with its subsidiary, Williams Partners.
Energy Transfer, however, is not giving up, saying it “intends to engage with Williams to the extent that Williams undertakes a fair and even-handed process.” ETE’s companies own and operate approximately 71,000 miles of natural gas, NGLs, refined products and crude oil pipelines.
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