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Energy Transfer brings counterclaim against Williams in contentious merger efforts

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Energy Transfer brings counterclaim against Williams in contentious merger efforts

Escalating the tension between Energy Transfer Equity LP and takeover target , Energy Transferand its general partner on May 3 filed a counterclaim against Williams, allegingbreach of obligations under the organizations'merger agreement.

After Energy Transfer in March completed a of preferred units, Williamsin April filed suit against Energy Transfer and its leadership, contending thatthe offering threatensthe merger and providedselect investors with preferentialtreatment.

Now, Energy Transfer and its general partner have filed an answerand counterclaim to Williams' lawsuit, according to a Form 8-K filed May 4.

Energy Transfer alleged that Williams materially breached itsobligations under themerger agreement by preventingEnergy Transfer from completing a public offering of the convertible units, in partby withholding the required consent to be included in the in the registration statementfor a public offering. Further, Williams' suit against Energy Transfer head KelcyWarren also constituted a breach of the agreement,Energy Transfer argued.