Acergy Subsea 7 Merger

Interesting report from Strategic Offshore Reports Ltd;

"However, Subsea 7 is already understood to have bought around 2.5% interest in Acergy on open market and retains that holding for moment. Market sources suggest major sticking point on negotiations between two were current Acergy $500 million convertible bond which has conversion price for shares at $23.52 each when current Acergy share price is just over $6."

Is it a case of watch this space or is this over before it has started I wonder?

😯

oooch, noo thats a merger ken

London, England – October 21, 2008 – Acergy S.A.
(NASDAQ-GS: ACGY ; Oslo Stock Exchange: ACY) today
made the following announcement.

The Board of Acergy would like to inform
Shareholders that it has held discussions with
Subsea 7 Inc. in relation to a possible merger of
the two companies. These discussions have now been
terminated.

Mark Woolveridge, Chairman, said: `The Acergy
Board gave this approach its fullest
consideration, but decided to continue with its
independent strategy. With our position as one of
the leading companies in the SURF sector, our high
quality fleet, operating excellence and good
backlog, we remain well positioned for profitable
growth. Furthermore, in a challenging period in
financial markets, our strong balance sheet
underpins the Board`s confidence in the Group`s
ability to deliver value for shareholders.`

No need to worry, then? 😕

Latest Hot Bit of Goss is that SClub7 and Siapem are in talks

Dearie me!!!