Williams Companies (WMB) and Williams Partners (WPZ) announced Tuesday morning that Williams plans to contribute its gas pipeline and domestic midstream businesses plus its limited- and general-partner interests in Williams Pipeline Partners (WMZ) into Williams Partners. The restructuring is valued at approximately $12 billion.
Williams Companies gapped open sharply higher Tuesday, but traded in a range for the bulk of the session. Shares finished up by $1.73 at $23.10 on the highest volume in 11 months.
Williams Partners gapped up and rose sharply in early trade Tuesday and took out the session highs going into the close. The stock finished up by $5.60 at $36.39 on the highest volume of the year.
Williams Pipeline Partners gapped up and rose sharply early Tuesday and closed higher by $3.84 at $27.19 on the highest volume of the year. The stock surged to a new high for the year.
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