Williams Says ETE Chair's Offering Broke Merger Pact

Law360, New York (April 6, 2016, 3:22 PM EDT) -- Energy infrastructure company The Williams Companies sued the top exec at would-be merger partner Energy Transfer Equity LP in Texas state court Wednesday, claiming he violated several provisions of their pact by holding a private securities offering that guarantees him $200 million in cash distributions a year.

Saying his actions constitute tortious interference with the agreement governing what was at the time of its September announcement a $37.7 billion tie-up between two energy leaders, Williams claims ETE chairman Kelcy L. Warren orchestrated a March private offering that guarantees he and select ETE investors will be paid the same amounts they currently...

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