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

[gcallaghan]

How much is that in pallets?

[w&cheneysuck]

$ 3.36 Billion in BLOOD MONEY!