Federal antitrust regulators Thursday approved the $512 million purchase of Williams Companies Inc.'s energy trading business by a unit of investment bank Bear Stearns Companies Inc.
The government concluded its review and approved the transaction without conditions, according to a Federal Trade Commission notice.
Bear Stearns said in May that its Bear Energy unit would buy the power trading business of Tusla, Okla.-based Williams Companies Inc. for $512 million. Williams also produces and transports natural gas.
Bear Stearns said last month that it expects the deal to close by Nov. 30 and that it will add to earnings in the company's fiscal year 2008, which begins Dec. 1.
Shares of Bear Stearns rose $2.10 to $145.37 in afternoon trading Thursday, while shares of the Williams Companies rose 90 cents, or 2.9 percent, to $32.
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