Midstream Soap: ETE Sues to Walk Away from Williams Takeover Deal

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As the World TurnsIn last Thursday's episode of "As the (Midstream) World Turns" (ATMWT) MDN told you that Williams still wants to marry Energy Transfer Equity (ETE), even though both companies are suing each other over the proposed merger (see As the M&A World Turns: Williams Still Wants to Marry ETE). Then we took a long weekend for Memorial Day and of course a lot has happened in the meantime. Let's being with last Thursday: ETE sued to terminate the agreement to buyout Williams, and had the chutzpah to ask the court for a $1.48 billion breakup fee--after ETE themselves sought to change the terms of the merger throwing the deal into doubt! On Friday, sensing the deal is going south, Williams entered into private discussions with ETE about changing the terms of the merger--forgoing $6 billion in cash that was part of the deal, expressing their willingness to accept ETE stock insted. Here's the latest episode of ATMWT...

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