Subsea 7 Turns Down Baker Hughes?

Subsea 7 CEO Jean Cahuzac

Baker Hughes, a GE company, reportedly held talks with the London-based offshore engineering, construction and services player Subsea 7 about a possible acquisition.

According to Wall Street Journal, people familiar with the matter said that talks between the two companies recently broke down over price.

Subsea 7 share price fell after it was downgraded by Goldman Sachs to a “sell” rating in its latest research report on the company issued on Tuesday.

However, earlier on Wednesday, the Oslo Stock Exchange suspended the listing of Subsea 7 to investigate movements in the share price after it hiked on the alleged takeover news.

Subsea 7 issued a public statement saying it is “aware of today’s press speculation and subsequent share price movement”, but also added it has a “policy not to comment on speculation or rumours”.

Trade suspension on Oslo Exchange was lifted following Subsea 7’s response to share price movement.

The company posted second quarter 2017 profit of $146 million, or $43 cents per share, on revenue of $1 billion, versus profit of $136 million, or $40 cents per diluted share on revenue of $960 million in the corresponding period in 2016.

Subsea World News Staff

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