Williams files suit to prevent Energy Transfer from terminating deal
Under the lawsuit filed in the Delaware Court of Chancery, Williams seeks to stop Energy Transfer Equity from relying on any failure to close the deal by the June 28 deadline.
In September last year, Energy Transfer Equity and The Williams Companies announced a business combination transaction valued at approximately $37.7 billion, including the assumption of debt and other liabilities.
The latest development comes after Energy Transfer said in April its lawyers may not be able to deliver an important tax opinion for its takeover of Williams, throwing the agreed acquisition into doubt.
The lawsuit seeks to also prevent the pipeline company from avoiding its obligations in the event it fails to obtain the tax opinion.
Williams' board continues to recommend the merger announced in September last year, the company said. ■