ETE cancels merger with Williams Co. due to tax issues; Tulsa chamber pleased over decision

Posted at 6:38 AM, Jun 29, 2016
and last updated 2016-06-29 13:49:48-04

TULSA – The merger once considered to possibly make significant waves in Tulsa is now terminated.

Around midnight on Wednesday, Energy Transfer Equity officially bowed out of a merger agreement with The Williams Co.

The decision was made just days after Williams’ shareholders voted for the merger. Before the shareholders voted, though, a judge gave ETE the green light to back out of the deal because of tax issues.

“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,” said Mike Neal, president and CEO of the Tulsa Regional Chamber in a press conference.

Tulsa Regional Chamber members, along with Mayor Bartlett, held a press conference Wednesday to discuss the impact the decision would have on Tulsa.  

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android and Kindle devices.

Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook