Enterprise (EPD) Has Withdrawn Indication of Interest in Williams (WMB) Over Possible Combination

September 8, 2016 4:19 PM EDT

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Enterprise Products Partners L.P. (NYSE: EPD) generally does not comment on market rumors or speculation. However, due to recent news leaks, movements in the price of the partnership’s common units as well as questions from investors, Enterprise announced that it has withdrawn its indication of interest in The Williams Companies, Inc. (NYSE: WMB) regarding the possible combination of Enterprise and Williams.

“Since our initial public offering in 1998, we have been and remain focused on responsibly growing Enterprise to provide distribution growth for our partners and enhance the value of our partnership’s units,” stated A.J. “Jim” Teague, chief executive officer of Enterprise’s general partner. “Consistent with these efforts and after extensive analysis of public information regarding Williams, we submitted non-binding proposals to Williams to combine Williams and Enterprise. As a result of rumors with respect to our proposals, as well as the lack of engagement by Williams, we have determined that there is no actionable path forward toward an agreement. We, therefore, have withdrawn our non-binding proposals. While we are disappointed, we will maintain our financial discipline as we pursue future growth opportunities for the partnership.”

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