National Oilwell Varco Inc (NOV.N), the largest U.S. oilfield equipment maker, said it will acquire fiberglass pipe provider Ameron International (AMN.N) for about $772 million to expand into seawater handling business as global demand for oil grows. Shares of Ameron climbed 27 percent to $84.41 in early New York Stock Exchange trading on Tuesday, while shares of National Oilwell rose 1.6 percent. Ameron shareholders will receive $85 per share in cash, a premium of 28 percent to the stock's Friday close of $66.27. The deal, expected to close in the fourth quarter, should add to National Oilwell's 2012 earnings per share.
National Oilwell Varco, Inc. (NOV) is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services and supply chain integration services to the upstream oil and gas industry. Shares of NOV traded higher by 1.4% or $1.1/share to $79.41. In the past year, the shares have traded as low as $33.26 and as high as $82.80. On average, 4634010 shares of NOV exchange hands on a given day and today's volume is recorded at 1168572.
Ameron International Corporation (Ameron) is a multinational manufacturer of engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets. Shares of AMN traded higher by 27.51% or $18.23/share to $84.50. In the past year, the shares have traded as low as $55.42 and as high as $85.25. On average, 91355 shares of AMN exchange hands on a given day and today's volume is recorded at 668310.
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