Williams Rebuffs $48 Billion Bid From Magnate Kelcy Warren

Williams Cos. rejected a takeover offer from pipeline magnate Kelcy Warren that aims to derail a consolidation of the North American natural gas and oil hauler, according to people familiar with the deal.

Williams hired banks to explore alternatives to the $48 billion offer, according to a statement on Sunday that didn’t identify the bidder. The approach was from Warren’s Energy Transfer Equity LP, according to the people, who asked not to be named because the information is private.