11:51 AM EDT, 09/04/2024 (MT Newswires) -- (Updates with Williams' response in the third and the fourth paragraphs.)

Targa Resources ( TRGP ) rejected Williams' (WMB) informal takeover interest in recent months, Bloomberg News reported Wednesday, citing people with knowledge of the matter.

Targa viewed Williams' advances as undervaluing the company, the sources told Bloomberg. There are currently no formal talks taking place, and it is unclear whether Williams will decide to continue to pursue a deal, according to the people.

Williams hasn't extended any offer to Targa, "nor are there any deliberations to do so," Williams told MT Newswires in an e-mailed statement.

"It is extremely irresponsible to run a market-moving story like this even after being directly told by Williams that there was no merit to the reporting," the company said. "Furthermore, it is inappropriate for anyone other than the companies involved to comment on M&A activity, and by publishing this story, media outlets are being used by speculators who want to stir the market."

Targa didn't immediately respond to MT Newswires' request for comment.

Williams shares were down 2.5% in recent trading, while Targa fell 1.6%.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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