Feb
25
Once a Coup, Pipeline Company Deal Becomes a Nightmare
By
A gas pipeline under construction in North Dakota.
Over the last decade, Kelcy Warren became one of the great beneficiaries of America’s energy boom. The son of a Texas oil-field worker, Mr. Warren built a multibillion-dollar fortune amassing a 71,000-mile network of pipelines across the United States.
And last fall he struck what was to be the capstone deal of his career: His company, Energy Transfer Equity, agreed to buy its rival, the Williams Companies, for about $38 billion, creating the country’s largest pipeline operator.
He doggedly pursued Williams for months, viewing it as the crucial missing piece to his pipeline empire…
Once a Coup, Pipeline Company Deal Becomes a Nightmare
