McDermott International Inc. confirmed that it had rejected an unsolicited buyout bid by Norway-based Subsea 7 S.A., adding that it remains “fully committed” to completing the deal to buy Chicago Bridge & Iron as planned.
The engineering and construction company for the energy industry confirmed that Subsea’s buyout bid of $7 a share, which was 15.7% above Friday’s closing price of $6.05, was subject to the termination of the CB&I merger deal. McDermott said after it “carefully reviewed and considered” the Subsea 7 bid, it still believes the CB&I deal, which is expected to close in May 2018, is in the best interest of McDermott shareholders.
McDermott’s stock ran up 18.2% in premarket trade, while CB&I shares tumbled 13.6%. Over the past three months, McDermott’s stock has plunged 23.0% while the S&P 500 has lost 6.0%.
By Tomi Kilgore
Source: MarketWatch
Private equity investor Cinven is acquiring MBCC Group’s admixture business from Swiss construction chemicals major Sika on the rebound. Earlier, the British Competition and Markets Authority (CMA) had turned thumbs down on plans to sell the business to Ineos, citing antitrust concerns.
Air Liquide S.A. (Paris) announced the construction of an industrial scale ammonia (NH3) cracking pilot plant in the port of Antwerp, Belgium. When transformed into ammonia, hydrogen can be easily transported over long distances.
Huhtamaki receives a gold medal from EcoVadis on its sustainability performance – for the third year running. Its score places Huhtamaki in the top 4% of over 100,000 rated companies across the globe. EcoVadis is the world’s largest and most trusted business sustainability index.
