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Following an anonymously-sourced report, Williams Cos. (WMB) denied on Sept. 4 the company had tried to buy out midstream competitor Targa Resources (TRGP), Reuters reported.
In an email, the company wrote, “Williams has not extended an offer to Targa Resources, nor are there any deliberations to do so.”
The statement came after an earlier report from Bloomberg, in which anonymous sources reported that Targa had rebuffed “informal” interest from Williams. Targa believed the original offer undervalued the company.
On Sept. 4, Tulsa-based Williams’ market value was estimated at about $54 million and Houston-based Targa’s value was listed at $32 billion. A merger would likely have been the largest midstream deal of the year.
Last week, ONEOK acquired EnLink and Medallion in a deal totaling $5.9 billion.
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