Williams to split into two stand-alone companies

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SAN FRANCISCO (MarketWatch) -- Williams' said late Wednesday its board approved separating the company's businesses into two stand-alone units. As part of the plan, Williams will spin off its exploration and production business through a public offering of up to 20% of its interest in the third quarter and then in 2012, spin off the remaining interest. The company also raised its first-quarter dividend by 60% to 20 cents and plans another 10% to 15% dividend increase by June 2012.

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