April 23, 2018 / 6:27 AM / a month ago

Subsea 7 offers $2 bln for peer McDermott, says CB&I deal should be scrapped

OSLO, April 23 (Reuters) - Offshore oil services firm Subsea 7 has offered to buy U.S. peer McDermott for about $2 billion, it said on Monday, adding that its approach had so far been rejected.

McDermott, which last year agreed to buy onshore-based engineering company Chicago Bridge & Iron (CB&I), could receive an even higher bid if it agrees to enter talks, Subsea 7 added.

“The proposal is subject to the termination of McDermott’s pending transaction with CB&I,” Oslo-listed Subsea 7 said in a statement. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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