National Oilwell Varco Inc (NOV.N), the largest U.S. oilfield equipment maker, will purchase fiberglass pipe provider Ameron International (AMN.N) for $772 million to expand into the seawater-handling business as global offshore exploration booms. Under the deal, announced by the companies on Tuesday, Ameron shareholders will receive $85 cash per share, a premium of 28 percent to the stock's Friday close of $66.27. Shares of Ameron climbed 27 percent in midday New York Stock Exchange trading, while shares of National Oilwell rose 2.2 percent. The always-acquisitive National Oilwell, now with $14 billion worth of deals under its belt in just five years, is gearing up for anticipated growth in offshore oil production.
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 2.31% or $1.81/share to $80.12. 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 2106814.
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 27.42% or $18.17/share to $84.44. 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 1396213.
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