Davis Polk Advises Technip In $1B Global Industries Deal

Law360, New York (September 12, 2011, 12:09 PM EDT) -- French oil and engineering company Technip SA said Monday it would pay $1.1 billion to buy Houston-based offshore construction and support services firm Global Industries Ltd. in order to generate cost savings and expand and modernize its fleet.

Technip said it would pay $8 per share for all of Global Industries' stock — a 55 percent premium to the target company’s share price as of Friday — and also would assume $136 million in debt.

News of the deal sent Global Industries' Nasdaq-traded stock soaring more...
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