Corvex Capital and Soroban Increase Their Position in Williams Companies, Inc. (WMB)

Corvex Capital, managed by Keith Meister, and Eric W. Mandelblatt’s Soroban Capital have boosted their aggregate stake in Williams Companies, Inc. (NYSE:WMB) to 59.99 million shares from 51.21 million shares held earlier. Their activist stake currently amasses 8.78% of the company’s common stock.

Keith Meister

 

Of the total of 59.99 million shares, Corvex Capital owns 38.99 million shares, acquired for an aggregate price of $1.46 billion and Soroban owns 21.0 million shares,worth $727.19 million. Corvex Management additionally owns 8.09 million shares as cash-settled options, which, added to 59.99 million, raise the total stake to 68.08 million shares, representing 9.96% of the common stock.

Corvex Management and Soroban have retained Moelis & Company LLC to serve as their financial advisor, with respect to their investment in Williams Companies, Inc. (NYSE:WMB).

Williams Companies, Inc. (NYSE:WMB) is an energy infrastructure company that connects North America’s hydrocarbon resource plays to markets for natural gas liquids, natural gas and olefins.

A couple of months ago, Corvex Capital and Soroban, entered into an agreement, following which both funds raised their stake in Williams Companies, Inc. (NYSE:WMB) holding together the largest stake in the company. Both funds mutually decide on the various issues regarding the company, such as the nomination of directors to the company’s board, other corporate matters. They might also ask the company to nominate Keith Meister and Eric Mandelblatt to the company’s board.

Earlier this month, Robyn Ewing, Senior Vice President at Williams Companies, Inc. (NYSE:WMB) sold 147,354 shares of the company.

Corvex’s largest position as at the end of last year is in Fidelity National Financial Inc (NYSE:FNF) owning 18.29 million shares at the end of the fourth quarter, worth $593.37 million. Earlier, the fund sliced its stake in ADT Corp (NYSE:ADT) to 361,600 shares, through selling 10.24 million shares.

Disclosure: none

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