By OGJ editors
HOUSTON, July 17 -- Italy's Saipem SPA, a unit of ENI SPA, has completed its acquisition of Bouygues Construction SA's 50.8% stake in Bouygues Offshore SA in a deal valued at nearly 1 billion euros. Saipem signed a definitive agreement to acquire the stake earlier this year (OGJ Online, May 20, 2002).
Saipem also has filed with French authorities a standing order for the purchase of the remaining public shares of the Montigny-le-Bretonneux, France-based Bouygues Offshore, Saipem said.
Saipem's offer of 60.08 euros/share has been recommended unanimously by Bouygues Offshore's board and represents a 25% premium over the company's 1-month average share price prior to Saipem's announced deal.
Saipem is touting the deal as the "largest cross-border acquisition in Europe in the oil field services sector," adding, "The integration of Saipem and Bouygues Offshore will be facilitated by 7 years of successful cooperation through the Saibos (CML) joint venture, joint projects, and other projects performed jointly," the company said.