Williams Board Authorizes Separation Plan

TULSA, Okla., July 26 -- The Williams Co.'s board of directors has approved the initial stages of a plan to separate the company's Energy and Communications businesses. While no specific plan has been put forth, the process will take no longer than 18 months and any change in ownership would depend on positive tax treatment for the company's stockholders, said Williams. We believe these steps are the best way to ensure that both our energy and communications businesses have the efficient and effective access to the capital necessary to pursue the substantial growth opportunities that each enjoys, said Keith E. Bailey, chairman, president and CEO of Williams.