May 02 - Eni: Saipem to Acquire Bouygues Offshore,Creating the World-Class EPIC Provider

Source Company Web Site
Company ENI S.p.A. 
Tags Strategy - Other
Date May 08, 2002

Saipem, an Eni Company, announces that it has made an offer to Bouygues Construction SA to acquire its majority (51.1%) stake in Bouygues Offshore S.A., the leading French provider of engineering services to the oil industry.The offer price of €60 per share represents an approximate 25% premium on Bouygues Offshore's one-month average share price and values Bouygues Offshore at approximately €1 billion.

Bouygues Construction has granted exclusivity to Saipem to complete the aforementioned acquisition. Upon completion of the acquisition of the majority stake, which will depend on customary antitrust clearances, Saipem will launch a Standing Offer on Bouygues Offshore's remaining shares held by the public at €60 per share in cash.This transaction would be the largest cross-border acquisition in Europe in the oilfield services sector. The combination of Saipem's recognized construction capabilities, based on its world-class and technologically advanced fleet, and Bouygues Offshore's powerful engineering and project management capabilities, would create a truly formidable global EPIC contractor.

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