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Energy Transfer Affiliates Win Appeal in $18 Billion Merger Case

Nov. 4, 2021, 6:16 PM

Affiliates of billionaire Kelcy Warren’s Energy Transfer Equity LP persuaded Delaware’s top court to uphold their win against a challenge to the $18 billion merger between two of its subsidiaries, Regency Energy Partners LP and Energy Transfer Partners LP, which controls Sunoco LP.

The state’s justices issued a brief order late Wednesday affirming a decision dismissing the proposed class action from Delaware’s Chancery Court “on the basis of and for the reasons” given in a 129-page ruling by then-Chancellor Andre G. Bouchard, who stepped down in May.

In his decision tossing the case—which was brought by a former Regency ...