GE closes in on UK oil firm with top bid

first_img Show Comments ▼ KCS-content Share GENERAL ELECTRIC (GE) is plotting an £800m-plus takeover of British oil services group Wellstream, it emerged over the weekend.The US based conglomerate is thought to have been the first bidder for Wellstream, which makes specialist pipes used in offshore drilling. Late last month, Wellstream confirmed that it had received several bid approaches but would not disclose the name of the suitors. The group said it had “received a number of preliminary approaches regarding a possible offer for the company” but there was “no certainty that an acceptable offer will ultimately be made”.It is understood that GE’s approach was made through its oil services arm, Vetco Gray, which it bought for $1.9bn (£1.2bn) in 2007.Although a number of other bidders have expressed interest, it is thought that GE is the leading contender. If the deal goes through, it could stand as the largest for the company in the UK since 2007 when it bought medical equipment firm, Amersham, for £5.7bn. Shares in Wellstream, which was floated three years ago by Candover, have skyrocketed since last month’s takeover news, climbing by 29 per cent and valuing the company at £778m.It currently employs 1,000 people, while GE employs more than 19,000 people in Britain. Sunday 3 October 2010 11:00 pm whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org whatsapp GE closes in on UK oil firm with top bid Tags: NULLlast_img