Tulsa Regional Chamber leaders reacted today to the decision by Energy Transfer Equity (ETE) to walk away from its attempted merger with Williams Cos.
“The Tulsa Regional Chamber and its Board of Directors are extremely pleased that ETE has chosen to terminate its merger agreement with Williams,” said Mike Neal, president and CEO of the Tulsa Regional Chamber.
“It is our understanding that ETE chose to walk away based largely on the inability of their tax attorneys to provide the necessary tax opinion on the merger,” he continued.
The Chamber has maintained an approved merger between Williams and ETE could bring devastating consequences to the entire state of Oklahoma, particularly Tulsa and Oklahoma City, as ETE previously disclosed plans to remove a substantial presence of high-paying jobs from Oklahoma after the merger is finalized. In recent months, the Chamber has been very vocal in its opposition to the potential merger.
“We have maintained that this deal did not make good sense – either for the companies involved, their shareholders, their employees, the city of Tulsa or the state of Oklahoma,” Neal said. “I’d like to again thank Oklahoma Governor Mary Fallin and Tulsa Mayor Dewey Bartlett for their help and support during this process. Chamber Chair Jeff Dunn and Tulsa’s Future Regional Economic Development Past Chair Stuart Solomon were also instrumental in representing Tulsa and the region throughout this process,” Neal continued.
“We recognize the attempts of the Williams Board to complete the merger and pursue an appeal of the Delaware Court ruling that effectively enabled ETE to terminate the merger. Regardless, we remain committed to working with the Williams Board, President and CEO Alan Armstrong, his management team, and the outstanding, dedicated, talented Williams employees to support the company, its independence, and its future well-being in Tulsa and Oklahoma,” Neal added.
“I’m very happy that ETE has opted to call off this proposed merger with the Williams Companies,” said Jeff Dunn, chair of the Tulsa Regional Chamber, and president and CEO of Mill Creek Lumber and Supply Company. “This decision is totally consistent with previous meetings in Texas and dialogue that the city and Chamber have had with ETE Chairman Kelcy Warren,” Dunn added.
“In today’s globally competitive market, the Chamber is committed to supporting the growth of existing business, and retaining Williams as an independent headquartered company in our region is a critical tool in our ability to attract and retain other successful companies and industries,” Dunn said.