Kristian Siem's offshore company Subsea 7 gives up its attempts to acquire McDermott, says the company in a stock exchange notice.
On April 17 the Norwegian company submitted an offer to buy all shares in McDermott at a price of USD 7 per share, corresponding to around USD 1.9 billion. This offer was rejected a week later by McDermott's management, which opted to instead proceed with its existing plans to merge with similarly US-based Chicago Bridge & Iron (CB&I).
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