Report: Subsea 7 says no to Baker Hughes takeover

According to the Wall Street Journal (WSJ), Baker Hughes, a GE company, has held talks to acquire subsea services contractor Subsea 7.

The WSJ cited people close to the matter which claimed that negotiations broke down over valuation.

Even though initial negotiations broke off, one of WSJ’s sources stated that Baker Hughes and Subsea 7 could potentially reignite talks. The subsea engineering, construction, and services company had an estimated value of $5.4 billion on Tuesday, October 10.

Reuters reported that shares in Subsea 7 rose on Wednesday as a consequence of the unconfirmed takeover report.

Before the report, the company’s stock traded down following a cut in stock rating by Goldman Sachs. The Oslo Stock Exchange did suspend listing of Subsea 7 to investigate changes in share price as the news of the takeover talks spread.

Reuters also cited a statement by Subsea 7 in which the company said it was “aware of…press speculation and subsequent share price movement. The company has a policy not to comment on speculation or rumors.”

Chairman and top stockholder of Subsea 7, Kristian Siem, gave a short statement for the news agency by saying: “As a general comment, I can say that everybody in this industry talks and that may lead to rumors. But that does not mean the rumors are correct.”

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