Currently, two energy giants are planning a trip down the aisle for a mega-merger. Dallas-based Energy Transfer Equity’s proposed $37.7 billion merger with The Williams Companies, which is based in Oklahoma, will create the third largest energy franchise in North America and one of the five largest global energy companies.
In light of the sheer size of the proposed merger, the Federal Trade Commission is reviewing the pending business combination transaction to ensure compliance with federal antitrust laws. ETE and Williams recently announced they have entered into a timing agreement with the FTC staff in connection with Energy Transfer Corp LP’s proposed acquisition Williams.
Franklin G. Snyder, a professor at Texas A&M University School of Law in Fort Worth, explained why the FTC is involved in the pending merger.
“Under the Hart-Scott-Rodino Act, sizeable corporate mergers have to be submitted to the FTC and the U.S. Department of Justice Antitrust Division before they can be completed,” Snyder explained.” One or the other agency takes the lead on reviewing the merger for potential antitrust problems. Here, the agencies agreed that the FTC would take the lead.”
Full content: Texas Lawyer
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