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
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
