Energy Transfer Says CEO of Williams Secretly Undermined Takeover [Yahoo! Finance News]
Energy Transfer LP Common Units (ET)
Last energy transfer lp common units earnings: 2/19 04:10 pm
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Source: Yahoo! Finance News
) -- Energy Transfer LP claims Williams Cos.’s chief executive officer covertly undermined one of the pipeline industry’s biggest-ever takeovers and then sought to cover his tracks as the $33 billion deal imploded. Williams CEO Alan Armstrong used a personal email account and private meetings to help a former employee mount a legal challenge to a merger publicly supported by Williams’ board, Energy Transfer said in a Delaware Court of Chancery filing. Armstrong’s efforts amounted to “overt steps to scuttle the merger,” according to the filing. A Williams representative called the allegations “unfounded” and said they represent an attempt by Energy Transfer “to avoid the consequences of its own conduct.” Williams believes it’s “entitled to judgment in its favor,” according to an emailed statement. Energy Transfer and Williams have been sparring over a $1.5 billion breakup fee since June 2016, when a combination that would have created the nation’s largest natural gas transporter fell t
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