Subsea 7 calls off billion dollar acquisition bid

Subsea 7 withdraws its purchasing offer for McDermott. The US-based company's shareholders have instead agreed to a merger with another US-based player.

Photo: Subsea 7

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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