• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia turns to solar
  • 17 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 59 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 11 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 2 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 12 hours Gazprom Exports to EU Hit Record
  • 8 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 hour Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 16 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 12 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 10 hours "The Gasoline Car Is a Car With a Future"
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 23 hours EVs Could Help Coal Demand
  • 5 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 1 day Tariffs to derail $83.7 Billion Chinese Investment in West Virginia

Breaking News:

Saudi Aramco Clears Another IPO Hurdle

Why OPEC Won't Flood The Oil Market

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

Who Gets Hold Of Russia’s Key Oil Hub?

Who Gets Hold Of Russia’s Key Oil Hub?

25 percent of the Novorossiysk…

National Oilwell Varco Makes $2.5 Billion Acquisition of Robbins & Myers

National Oilwell Varco Inc., the Houston-based oilfield equipment and services firm, has announced that it will continue with its plans to become one of the largest independent equipment services companies by buying Robbins & Meyers Inc. for $2.5 billion.

The acquisition comes after the second quarter earnings report confirmed six acquisitions by Oilwell Varco; although this will be the largest since its purchase of Grant Prideco in 2008.

Pete Miller, the CEO of National Oilwell Varco, stated that “Robbins & Myers Board of Directors believes that the proposed transaction with National Oilwell Varco represents a compelling value for our shareholders. We feel that our combined manufacturing infrastructure and portfolios of technology will further advance our presence in the oil and gas markets we serve.  We are extremely excited about this combination and look forward to welcoming a very talented group of employees into the National Oilwell Varco family.”

National Oilwell Varco will pay $60 for each of the 42.4 million shares of Robbins & Myers, a premium of 28% on Wednesday’s closing price of $46.80.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News