Energy Transfer Equity moves to terminate Williams merger
Ponca City Now - June 30, 2016 1:21 pm
OKLAHOMA CITY (AP) – A Dallas-based energy company’s decision Wednesday to terminate a merger with Tulsa-based pipeline company Williams Cos. has relieved officials in that city who worried the merger would lead to an exodus of high-paying jobs from Oklahoma.
Energy Transfer Equity announced Wednesday that it intends to terminate a merger agreement with Williams. It cited a Delaware court’s ruling last week that it could back out of the deal if its attorneys couldn’t deliver a required tax opinion.
Williams has appealed to the Delaware Supreme Court. It said in a statement Wednesday that it believes Energy Transfer Equity breached the merger agreement by failing to "use necessary efforts" to close the deal.
Tulsa Mayor Dewey Bartlett calls the deal’s termination "a huge win for Tulsa."