The board of Tulsa based Williams votes in favor of a merger with Dallas' Energy Transfer Equity. The deal is still likely not to happen regardless of this morning's vote.
A Delaware judge says Texas pipeline company Energy Transfer Equity can back out of its proposed $33 billion acquisition of Williams Cos.
A Delaware judge says Texas pipeline company Energy Transfer Equity can back out of its proposed $33 billion acquisition of Williams Cos.
Friday's ruling came in a lawsuit filed by Williams to hold Energy Transfer to the deal.
The companies announced in September that Dallas-based Energy Transfer would acquire Williams, based in Tulsa, Oklahoma. Williams shareholders were to receive Energy Transfer stock, $6 billion cash, and a special dividend.
But the deal became less attractive as oil prices plummeted.
Energy Transfer later said it has been unable to get an opinion from attorneys confirming a tax-free exchange, which is a deal requirement.
Williams argued that Energy Transfer was using the tax opinion as a ruse to miss a June 28 merger deadline and was deliberately trying to scuttle the deal.
Tulsa City and Civic leaders have opposed the deal, because ETE planned to close Tulsa officers and transfer up to 1,000 to Dallas.