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Energy Transfer Equity goes to the second round of its bid for Williams Companies

Dallas-based Energy Transfer Equity, a sister partnership to Energy Transfer Partners has gone ahead to the second round bidding for Williams Companies, which according to sources is a milestone in the pipeline company’s efforts to clinch a friendly deal with its peer. Energy Transfer is coordinating with at least seven investment banks, who are working on its bid, to narrow the financing options for its rival looking to compete for Williams, that has a market capitalisation of around $39 billion. Williams put itself on the auction block after it rejected an all-stock acquisition proposal from Energy Transfer which was worth $53.1 billion including debt. It was aimed at disrupting Williams’ plans to acquire its pipeline subsidiary Williams Partners LP for $14 billion. Energy Transfer will now have to outbid other suitors for Williams to avoid a hostile takeover.

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