GlobalSantaFe Corp. and Transocean Inc. on Monday agreed to merge into what would be a $53 billion oil-drilling giant, as the firms say they'll be able to deliver a more technologically advanced and geographically spread of service offerings to oil explorers that are eager to unearth new reserves with crude prices above $70 a barrel.
Hong Kong is a money city. Merging is one the most profitable biz.
Following the merger, GlobalSantaFe Chairman Robert Rose will become chairman of the new company, while Transocean's Long will keep the same position in the merged firm.
who care who is the boss??
we just care about the stock price..
The total cash to be paid to shareholders will be $15 billion, funded through a bridge loan due one year after closing.
The larger firm will have greater financial strength and a combined current revenue backlog of $33 billion.
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