UPDATE: Shareholders Clear Baker Hughes To Buy BJ Services
2010年4月1日 - 3:18AM
Dow Jones News
Baker Hughes Inc.'s (BHI) purchase of fellow energy-services
company BJ Services Co. (BJS) was approved Wednesday by the
companies' shareholders after the U.S. Department of Justice
cleared the $6.6 billion deal.
Final approval by shareholders had been delayed after the
Justice Department raised concerns about the overlap of some Gulf
of Mexico businesses owned by the companies. As a result, Baker
Hughes will divest itself of two vessels and other assets used to
aid in the production of hydrocarbons in the U.S. Gulf. The company
said that it doesn't expect the sales will be material to the
financial performance of the combined company.
The deal, announced last summer, is expected to close in early
April. It will add a pressure-pumping business to Baker Hughes's
array of services. Pumping fluids at high pressure is essential for
coaxing natural gas out of deeply buried shale-rock formations.
Producing gas from shale is a booming area of the U.S. energy
industry, and has boosted domestic output and helped push gas
prices down sharply.
"Pressure pumping was a prominent gap in Baker's portfolio,"
said Bill Herbert, an analyst with the Houston-based energy
investment bank Simmons & Co. Without the acquisition Baker
Hughes would be "marginalized on a global basis," he said.
The deal will also allow the combined company to bundle its
services and compete more effectively for big oilfield-services
contracts against rival providers Schlumberger Ltd. (SLB) and
Halliburton Co. (HAL) both in the U.S. and abroad.
However, the company still faces the challenge of integration--a
key obstacle to any large acquisition.
Baker Hughes in January reported higher-than-expected
fourth-quarter earnings as oil and gas activity picked up from the
prior quarter, though profit still tumbled 81% owing to weak
demand. Meanwhile, BJ Services last month said it swung to an
unexpected fiscal first-quarter loss as revenue and margins
declined.
Baker Hughes's shares were recently up 1.9% at $46.84, while BJ
Services added 2.3% to $21.42.
-By Jason Womack, Dow Jones Newswires; 713-547-9201;
jason.womack@dowjones.com
(Jodi Xu contributed to this report.)
BJ Services (NYSE:BJS)
過去 株価チャート
から 9 2024 まで 10 2024
BJ Services (NYSE:BJS)
過去 株価チャート
から 10 2023 まで 10 2024
Real-Time news about BJ Services CO. (ニューヨーク証券取引所): 0 recent articles
その他のBJ Services Co.ニュース記事