General Electric agrees £800m takeover of Wellstream
- Published
General Electric first approached Wellstream in September
US conglomerate General Electric (GE) has agreed an £800m takeover of UK oil and gas services company Wellstream.
Wellstream twice rejected GE's overtures of around 750p a share, but has now agreed an offer worth 786p.
The value of the deal includes a special dividend for Wellstream shareholders.
Newcastle-based Wellstream manufactures pipes for the oil and gas sector, and has a big presence in Brazil, where exploration is expanding fast.
It announced in September that it had received several bid approaches.
GE said the value of the deal is a 29.1% premium to Wellstream's share price on the day it announced the takeover interest.
- Published23 July 2010
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