Energy Industry
Industry: Email Alert RSS FeedNOI, VARCO TO COMBINE, LEAD NEW-BUILD RIG MARKET
Hart's Petroleum Finance Week, August, 2004
Production-services company National Oilwell Inc., Houston, (NYSE: NOI) has put in a bid to buy tubular-service firm Varco International Inc., Houston, (NYSE:VRC) in a tax-free merger valued at $2.9 billion, including $375 million of net Varco debt.
The combined company, National Oilwell Varco Inc., will have a market capitalization of more than $5 billion, ranking it among the likes of Weatherford International (NYSE: WFT) and Smith International Inc. (NYSE: SII). Shares outstanding will total some 170 million. But will the deal pass anti-trust tests? The market may be doubtful. National Oilwell's offer is for 0.8363 share of common per Varco common, or generally $25.80 per Varco share, about 10% higher than the $23.50 average at which it was trading prior to the...
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