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
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
