Energy Transfer must pay Williams $410 mln for abandoning $33 bln merger

$410 million for abandoning their $33 billion merger, one of the largest transactions to fall victim to sinking oil prices.

Energy Transfer offered the securities only to insiders, in what one Williams director called a "sweetheart deal" for them and co-founder Kelcy Warren, Energy Transfer'sRegister The judge also said Williams must cover Energy Transfer's costs to issue a subpoena and seek sanctions after Williams Chief Executive Alan Armstrong deleted a Gmail account, which Energy Transfer claimed he used to discuss scuttling the merger.

Williams, based in Tulsa, Oklahoma, said it was "obviously pleased" it could recoup the $410 million breakup fee, plus interest and legal costs.

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