Halliburton agrees to buy Boots & Coots
NEW YORK (Reuters) - Halliburton (HAL.N) said on Friday it agreed to buy Boots & Coots WEL.A, a company that provides pressure control services for oil and gas wells, in a stock and cash deal worth about $240 million.
Halliburton said Boots & Coots shareholders will receive about $3 for each share of Boots & Coots they hold. That $3 consists of $1.73 in cash and $1.27 in Halliburton stock, according to the statement from Halliburton.
Shares in Boots & Coots closed at $2.35, down about 1.3 percent. Halliburton shares closed at $31.57, down 9 cents or about 0.3 percent.
The deal will be accretive in the first full year of operation, Halliburton said.
The second largest oilfield services company will create a new product service line combining its existing coiled tubing and hydraulic workover operations with Boots & Coots' intervention services and its pressure control business.
(Reporting by Elinor Comlay; editing about Carol Bishopric)
NEW YORK - Stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.