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Houston-Based Offshore Drilling Company Sees 9 Percent Share-Price Rise.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 1999 by Antosh, Nelson
Dec. 23--The share price of Transocean Offshore rose more than 9 percent Wednesday as the Houston-based company prepares to join the Standard & Poor's 500 index.
Shares reached 31 in heavy trading a day following an announcement late Tuesday that the stock would join the S&P 500 after the close of trading Dec. 30. The stock closed up 2 at 29.
Transocean expects to complete its $3.2 billion merger with Sedco Forex on Dec. 31, creating the world's largest offshore drilling contractor. The combined company will be known as Transocean Sedco Forex.
The stock price usually goes up when a company joins the S&P 500 because a number of investment firms build their portfolios around that index, said Robert Ford, an analyst with CIBC World Markets in...
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