COMPANY NEWS: Veritas, PGS to merge in multimillion dollar stock deal

12/03/2001
Petroleum Geo-Services ASA (PGS), Oslo, and Veritas DGC Inc., Houston, have agreed to merge in a $772 million stock deal that will create the world's second-largest geophysical services company, offering 400,000 km of 3D seismic data.The largest geophysical services company is WesternGeco, London, a joint venture of Schlumberger Ltd. and Baker Hughes Inc.The combined PGS and Veritas will have an equity market capitalization of $1 billion and a total enterprise value of $3.5 billion. Executives said the merger is expected to achieve annual pretax cost savings of $35 million.Separately, Kaneb Pipe Line Partners LP, Richardson, Tex., has agreed to acquire Statia Terminals Group NV, a Net...
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