Summary
TURBULENT credit markets have put the brake on European mergers and acquisition activity with the 94bn of deals announced in August the lowest since July 2005. The frenzy of mergers and acquisitions has stopped amid a sudden increase in corporate borrowing costs. But if you're a Russian energy giant sitting on a mountain of cash you have no need to worry about financing expansion plans should a company take your fancy.
Step forward Gazprom. Rumours were rife the world's biggest supplier of natural gas is back in advanced takeover discussions with French steel tubes maker Vallourec. The two held tentative talks a few months ago when the Vallourec share price was trading around e224, or 152 a share. It has since drifted and yesterday closed at e182. Word is the French board is now ready to accept a cash offer in the region of e280 a share.See the full content of this document
Extract
Gazprom Could Seal French Deal ; Market Report
Vallourec is recognised as a specialist of extreme drilling conditions. It makes drill pipes and all manner of tubing that can withstand the worst excesses of the most i...
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