Williams Cos Inc (WMB.N) raised its offer to purchase Southern Union (SUG.N) by nearly 13 percent to $5.5 billion on Thursday, striking the latest blow in a bidding war with Energy Transfer Equity LP (ETE.N) over the pipeline operator. Williams bumped up its offer by $5 to $44 per share, higher than some investors were expecting. The company hopes the distance it has put behind Energy Transfer's bid of $40 a share will be enough to drive away the competition. "We think this makes it an easy decision for the SUG special committee," Williams Chief Executive Officer Alan Armstrong told Reuters. "We'd like to move it ahead quickly." In a sign that investors do not expect a higher bid for the company, Southern Union shares were up 4.6 percent at $43.50 in afternoon trading, staying below the Williams offer. Williams rose 1.1 percent to $29.11, while Energy Transfer fell 1.8 percent to $43.99.
The Williams Companies, Inc. (Williams) is an integrated natural gas company focused on exploration and production, midstream gathering and processing, and interstate natural gas transportation primarily in the Rocky Mountains, Gulf Coast, Pacific Northwest, Eastern Seaboard and the Marcellus Shale in Pennsylvania. Shares of WMB traded higher by 1.08% or $0.3108/share to $29.10. In the past year, the shares have traded as low as $17.72 and as high as $33.47. On average, 7246630 shares of WMB exchange hands on a given day and today's volume is recorded at 9705955.
Southern Union Company (Southern Union) is engaged in the gathering, processing, transportation, storage and distribution of natural gas in the United States. Shares of SUG traded higher by 4.57% or $1.9/share to $43.50. In the past year, the shares have traded as low as $22.02 and as high as $42.53. On average, 2829660 shares of SUG exchange hands on a given day and today's volume is recorded at 14590059.
