Southern Union favors 1st bid

Southern Union (SUG), a pipeline operator and the target of a $4.9 bil takeover bid from Williams Cos. (WMB), said it planned to discuss the proposal with Williams, but still favored an earlier $4.1 bil bid from Energy Transfer Equity (ETE). Southern said in a regulatory filing that failing to talk to Williams could be a breach of its duties. Williams, a natural gas company, last week made an unsolicited $39-a-share bid for Southern, trumping a