UK clears proposed Global Marine-Santa Fe International merger

The UK has cleared the proposed merger of Global Marine Inc. and Santa Fe International Corp. The US Federal Trade Commission already had approved the deal, which now is expected to close Nov. 20.

Oct. 18, 2001

By the OGJ Online Staff

HOUSTON, Oct. 18 -- The UK government has cleared the proposed merger of Global Marine Inc., Houston, and Santa Fe International Corp., Dallas.

The UK Secretary of State for Trade and Industry decided, on the recommendation of the Director General of Fair Trading, not to refer the proposed merger to the Competition Commission.

Previously, the US Federal Trade Commission approved the deal.

Global Marine said the companies' stockholders will meet to approve the merger Nov. 20, and the deal is expected to close the same day.

The merged $6 billion company, GlobalSantaFe Corp., will be headquartered in Houston and will trade on the New York Stock Exchange (OGJ Online, Sept. 4, 2001).

The company will operate more than 100 rigs in the world's key drilling markets, owning a fleet of 59 offshore and 31 land drilling rigs and operating 13 rigs for others. It also will be a major provider of drilling management services.