General Electric agrees £800m takeover of Wellstream

Image caption,
General Electric first approached Wellstream in September

US conglomerate General Electric (GE) has agreed an £800m takeover of UK oil and gas services company Wellstream.

Wellstream twice rejected GE's overtures of around 750p a share, but has now agreed an offer worth 786p.

The value of the deal includes a special dividend for Wellstream shareholders.

Newcastle-based Wellstream manufactures pipes for the oil and gas sector, and has a big presence in Brazil, where exploration is expanding fast.

It announced in September that it had received several bid approaches.

GE said the value of the deal is a 29.1% premium to Wellstream's share price on the day it announced the takeover interest.

More on this story

Related Internet Links

The BBC is not responsible for the content of external sites.