Targa Resources Corp. and its operating unit called off a sale to Energy Transfer Equity LP after news of the potential $15 billion deal sent Targa’s shares surging, making its board question whether the offer was high enough, people with knowledge of the matter said.
Energy Transfer Partners LP, the owner of 35,000 miles of natural gas pipelines, will buy gasoline-station owner Susser Holdings Corp. for about $1.8 billion, expanding a retail unit it had been expected to sell.
Vinson & Elkins LLP advised Energy Transfer Partners LP, the pipeline company run by billionaire Kelcy Warren, which agreed to buy Susser Holdings Corp. for $1.8 billion. Gibson Dunn & Crutcher LLP advised Susser. Bingham McCutchen LLP acted as tax counsel to Energy Transfer.
Energy Transfer Partners LP was dropped from a deal to build a pipeline from Oklahoma to the Texas Gulf Coast when collaborator Enterprise Products Partners LP realized it could make more money with another company, a lawyer told a jury.
Merchants from Vitol Group, the largest independent oil trader, to a company backed by billionaire Paul Tudor Jones are amassing physical energy assets in the U.S. at an unprecedented rate as shale output revives stagnant fuels markets.