The Williams Cos. Inc. announced an unsolicited takeover bid of about $4.9 billion Thursday for pipeline company Southern Union Co., which agreed last week to a sale to Energy Transfer Equity LP.If the IEA thinks the oil situation is dire enough to release 60 million bbls from global strategic petroleum reserves, something tells me someone saw a huge shortage of oil coming down the pike. It's going to be a huge 12 months for the oil industry going forward. Despite the announcement, oil closes at $92 or thereabouts.
Williams, which also operates gas pipelines, said it would offer $39 per share in cash and top Energy Transfer's bid of $33 per share, or $4.2 billion.
The announcement came after the markets closed and sent Southern Union shares higher after hours.
Thursday, June 23, 2011
WMB Makes Unsolicited Bid For SUG -- It's Goin' To Be A Huge 12 Months for the Oil Industry
Link here.
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