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Oklahoma business briefs for July 1

Oklahoma business briefs for July 1, 2014
Oklahoman Published: July 1, 2014


Williams-Access deal gets OK

The Williams Cos. Inc. has gotten federal approval to move ahead with its acquisition of a controlling stake in Access Midstream Partners. The company said Monday it had received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to its $5.995 billion acquisition of Global Infrastructure Partners II’s interest in the Oklahoma City-based pipeline partnership. The deal will give Williams a 100 percent stake in Access Midstream’s general partner. Williams plans to combine Access Midstream with its own midstream partnership, Williams Partners LP, pending approval by the conflict committee of each company’s board.

Firm endorses Equal Energy sale

Another shareholder advisory firm has endorsed Equal Energy Ltd’s proposed sale to Petroflow Energy Corp. The deal, which was announced in December, must be approved by two-thirds of Equal’s shareholders at a special meeting next month in Calgary. Glass Lewis and Co. has recommended that shareholders vote for the proposal, Equal announced Monday. Shareholder Services Inc. did the same last week. “We have now obtained unanimous support from the leading two proxy advisers for the Petroflow transaction,” Equal Chairman Michael Doyle said. “Both proxy advisers considered all aspects of the transaction, including criticism by a third party who had instead proposed a leveraged recapitalization. Both concluded that the Petroflow transaction deserves the support of our shareholders.”

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