WMB Makes Unsolicited Bid For SUG -- It's Goin' To Be A Huge 12 Months for the Oil Industry

Link here.

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.

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.

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.