The judge’s ruling marks the latest twist in what was nicknamed the energy industry’s “deal from hell.”
“Having called a dirge for the merger,” Energy Transfer “must pay the piper,” Glasscock said in his 95-page ruling in the more-than-five-year dispute over the deal. Following a trial, Energy Transfer convinced Glasscock in 2016 that it had grounds to pull out of the merger after advisers said the deal didn’t free investors from $1 billion in tax liabilities. The ruling prompted both companies to demand breakup fees, arguing it was the other side that maneuvered to sink the deal.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: