Halliburton Bids $3.36 Billion Cash For British Oil Services Firm

LONDON — In the hot energy sector, a rapid-fire bidding contest broke out Friday between a London-led private equity consortium and Halliburton _ both coveting the same European oil field contractor.

Shares of Expro International Group PLC, now clearly the prize, soared 5.5 percent to 1,626 pence ($32.13).

Houston-based Halliburton, which revealed its interest in Britain's Expro last month, made an all-cash proposal of $3.36 billion, or 1,525 pence ($30.14) per share before the market opened Friday.

That topped the offer made last month by the Candover-backed Umbrellastream Ltd., which valued the company at $3.16 billion (1.6 billion pounds) or 1,435 pence ($28.36) per share.

Umbrellastream responded by upping its previous bid by more than 8 percent to $3.43 billion, or 1,550 pence ($30.63) per share.

Umbrellastream bid came in fast despite a statement from Expro that said Halliburton's proposal "does not amount to a firm intention to make an offer."

It recommended shareholders accept the revised Umbrellastream proposal.

Halliburton said it was aware of the new bid by Umbrellastream, which also includes Goldman Sachs Capital Partners and AlpInvest Partners N.V., and said it was continuing to talk with Expro.

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"Halliburton strongly urges Expro shareholders to take no action at this time," it said in a statement.

Oil service companies are ramping up activity amid soaring energy prices and rising demand, which has caused a flurry of activity in the sector.

Oil hit an all-time high above $135 per barrel on Thursday and gasoline continues to break records.

Halliburton, which provides services and equipment to oil and natural gas companies, said it considers Expro's sub-sea and flow management sector to be an area of potential expansion. Its shares fell 64 cents to $47.64.

Expro's primary focus is providing services and products to measure and control the flow of oil and gas from wells.

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On the Net:

http://www.exprogroup.com

Comments

[forpeace]

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This news should be on the front page.

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[forpeace]

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The Energy Non-Crisis

http://video.google.com/videoplay?docid=3340274697167011147

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[darthdarcy]

Nationalize the American Oil Companies and all holdings including Oil services companies such as Halliburton..!

It is the only real solution and will eventually be our future..

[dgscol]

Halliburton wants an international monopoly. This is just another case where world dominance is controlling the price of everything. Who will break up these monoplies?

[loki]

I wonder who will be the Haliburton CEO, high executive, major share holder and or major board member come Jan 09 ? Any ideas?

[loki]

Lets see, with W just this last week agreeing to put US troops,who are already stretched to thin, in place to protect Saudis oil interest, and today on the news ( tv and radio) they are playing those pre-recorded propaganda videos and audio paid for by special interest saying that Al Qaeda is responsible for the high oil prices and that we need to protect world oil and pump up the war on Al Qaeda everywhere, as it will ensure that prices will come down,,,, They said that Al Qaeda is crippling the US without attacking us.
Made me think of how the USSR came down. Basically , they were priced out of existence buy trying to outdo the US in military spending. Which if this is Al Qaeda, they learned very well from Russias and our history.
Then you consider that just the other day in the congressional hearing with the oil executives where they told congress that price will only go down IF they are allowed to drill in Alaska. And the fact that if a African Sparrow farts while flying somewhere over the middle east, wall street will take advantage of the scare and fear tactics and raise prices of oil futures.

What a sad world we live in when Harvard , Yale and other Ivy Greed educated morons can control everything in the world , and drive it into the dirt. They are good at that, that is for sure.

[Oldbuck]

Would anyone like to guess where the money came from for this purchase this has been with the mortgage of your children futures. I have always said follow the money and you will find the purpose for this war. The crime is which is perfectly legal Brown & Root the subsidiary of Halliburton has it headquarters set up Cayman Islands to avoid taxs on the blood money.

[EdRocktober]

When did Halliburton have to start bidding on anything?

[ErnestineBass]

Only when private funds are involved.

[studlyguy]

Hear that squeaky sound,that's Cheney screwing the Americans ,knows it's getting close before their butts are in Dubai come Jan2009,while he gives us Americans the finger,as our American economy because of the oil companies GREED and CORRUPTION and skyrocketing fuel is sending America into 21st century economic depression,Cheney will be sitting in his comfy cozy multi million $ house wherever he decides to live be it Dubai or somewhere in America.

[Rule Of Law]

Or on Herr Bush's 100,000 acre ranch in the home away from home for old Nazis that refuse to die--Paraguay. And--No extradition.

[bmermaid]

Some of that money used to be mine, and some of it used to be yours. Halliburton got it thanks to DICK Cheney, and I want him to face justice, not live the rest of his life in luxury, leaving his heirs ultra rich for generations.
How can we make that happen???????????????????????????????????

[CocteausTwin]

So are people going to go to jail for this? Is this not war profiteering, price fixing, and just a shite load of other laws that have been broken. Have these kind of crooks always escaped justice? we as a country have been raped, people should be jailed if not executed for treason.

[Vyvjala]

This deal could be payed for with American tax dollars.................

[drkazmd65]

Actually,... there is no 'Could Be' about it Vyvjala,... if it goes through - it WILL have been paid for with US taxpayer dollars (and debt).

And somehow,... I'm sure that Cheney's stocks in Halliburton held in trust will increase in value as well. We get to underwrite his retirement, and his family's fortune in more ways than one!

Yippee?

[ErnestineBass]

Cheney stated that while he is VP, any "profits" made on his Halliburton holdings will be turned over to a "charitible organization".

Hmmmm...I wonder if it's the same kind of "charitible organization" the Clintons set up?

[dadw5boys]

Want gas prices to come down????

TURN OFF ALL UNNECCESSARY SERVICES!

Turn off cell phones, cable, stop newpapers, stop any extra service even mowing for 3 months.

Consumers go on strike!!!!!! Prepare and then stay at home enjoy the peace and quite. Talk to your familys and neighbors. Just stop and releax. Just work and home no extras.

[Paul]

Good one. I think cable and cell phones are going to be the first victims of high gas prices.

[gcallaghan]

I'm not too sure many people will cut cable out of their budget. With that gone, what are they supposed to do each night? Talk to each other?

[truthyguy]

Gee, I wonder where Halliburton got the cash from.
If the GAO will check the records they will find approximately $3.36 Billion in overcharges by Halliburton for work in Iraq.

[Ramus]

Halliburton made is money dishonestly (to put it kindly). And the American taxpayer has been paying these war profiteers ever since Cheney took office. Our grandchildren will be paying the Chinese for the profits of Halliburton's stockholders for generations to come. These are some of the people who own our politicians our MIC , the MSM and us. The ruling oligarchy most be removed..they need to be stopped. they will put up a big fight (to understate it.)

[Trueheart]

The Center for Public Integrity shows Halliburton receiving $11.4 billion in contracts for work done in Iraq and Afghanistan in 2002-2004. There must be more recent figures, but I couldn't find them.