Williams Rejects Merger Offer from Energy Transfer

Energy Transfer Equity (ETE) on Monday confirmed it proposed a merger with The Williams Companies in an all-equity transaction valued at $53.1 billion, including the assumption of debt and other liabilities. Williams rejected the takeover offer. ETE said it made the offer in a May 19 letter to Williams CEO Alan Armstrong, which was followed in June 11 letter to the Williams chairman of the board.