Stock Update (NYSE:ETE): Energy Transfer Equity LP and Williams Companies Inc Announce Timing Agreement with Federal Trade Commission
Energy Transfer Equity LP (NYSE:ETE) and Williams Companies Inc (NYSE:WMB) announced that they have entered into an agreement with the staff of the Federal Trade Commission (“FTC”) in connection with Energy Transfer Corp LP’s proposed acquisition of WMB. As previously disclosed in Energy Transfer Corp LP’s registration statement on Form S-4 filed on November 24, 2015 with the Securities and Exchange Commission, ETE and WMB received a request for additional information and documentary material (the “Second Requests”) from the FTC pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). ETE and WMB are targeting compliance with the Second Requests in January 2016.
Under the terms of the Timing Agreement, ETE and WMB have agreed (1) not to consummate the proposed acquisition prior to 60 days after substantial compliance with the Second Requests, and (2) not to consummate the proposed acquisition before March 18, 2016. ETE and WMB continue to work cooperatively with the staff of the FTC as it conducts its review of the proposed acquisition.
Completion of the proposed transaction remains subject to regulatory review, including the approval of the proposed transaction by the Federal Energy Regulatory Commission. Completion of the proposed transaction also remains subject to the approval of WMB stockholders and other customary closing conditions. (Original Source)
Shares of Energy Transfer Equity closed last Friday at $13.34, down $2.04 or -13.26%. ETE has a 1-year high of $35.44 and a 1-year low of $11.95. The stock’s 50-day moving average is $18.64 and its 200-day moving average is $25.82.
Energy Transfer Equity LP is a limited partnership company. The Company through its subsidiaries, owns and operates, natural gas gathering systems, natural gas intrastate pipeline systems and gas processing plants.