Reuters is reporting Energy Transfer Equity chief executive said today the company cannot close the deal with Williams Companies because of tax issues.
Energy Transfer says it's open to restructuring the deal, but if that doesn't happen, then the deal is off.
Williams has claimed ETE is trying to get out of the merger even though terms of the deal don't allow it.
Williams is already suing Energy Transfer over what it claims is a violation of the merger agreement.
We spoke to a local asset manager who says the countdown is on to the June 28 deadline, so both parties can walk away without paying break-up fees.
3/24/2016 Related Story: Tulsa Leaders: Merger Of Williams And Energy Transfer Is Bad Deal