GE to agree $1.2 billion takeover of oil firm Wellstream: report

By @ibtimes on

General Electric could unveil a 755 million pound-plus ($1.2 billion) takeover of British oilfield services company Wellstream Holdings as early as Monday, the Financial Times said on Sunday.

The two sides would have come to an agreement on price in recent days, the FT said in an unsourced story on its website.

No one at Wellstream was available for comment on Sunday.

GE said in October Wellstream had rejected an approach it made which valued the company at 755 million pounds.

Wellstream makes flexible pipes used by oil companies in deep water, an area set for strong growth due to major finds in Brazil, where state-run oil firm Petrobras accounted for around 60 percent of Wellstream's business in 2009.

Wellstream, whose main competitor in flexible pipe making is the French offshore engineering group Technip , has been a frequent subject of takeover speculation.

(Reporting by Michel Rose; Editing by Diane Craft)

Join the Discussion