Oil country hot line ///

Saipem has completed the acquisition of Bouygues Construction’s 50.8% stake in Bouygues Offshore. It also has filed a standing offer for the remaining public shares with the French market authorities. The cash offer price was unanimously recommended by Bouygues Offshore’s board of directors. The offer price (Euro 60.08/share) represents about a 25% premium over Bouygues Offshore’s one-month average share price prior to Saipem’s announcement of the deal with Bouygues Construction. The transaction has received antitrust clearance from the European Commission, and it represents the largest cross-border acquisition in Europe’s oilfield services sector. The combined services of the merged firms create a new, worldwide group with superior competitive positioning in the provision of EPIC (engineering, procurement, installation and commissioning) services to the oil industry.

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