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Exclusive: Energy Transfer in effort to renegotiate deal with Williams - sources

Energy Transfer Equity LP (ETE.N) is taking steps that may enable it to renegotiate its $20 billion cash-and-stock acquisition of Williams Companies Inc (WMB.N), according to people familiar with the matter.

Dallas billionaire Kelcy Warren, the chief executive of Energy Transfer, set his sights on Williams last year to transform his empire into one of the biggest pipeline networks in the world. However, a prolonged drop in oil and gas prices has made the deal less economically attractive.

Energy Transfer and Williams are in talks to reduce the number of days specified for completing some of the deal's administrative requirements, the people said.

This would give them time to engage in renegotiation of terms ahead of a June 28 deadline for the deal to close, the people added.

There is no certainty that such renegotiation talks will occur, let alone...