European oil services player Technip has agreed to acquire offshore construction and engineering company Global Industries (GLBL) for $8 per share in cash, a 92% premium to Global's average closing price for the 30 days ending September 9.
Including debt, the transaction values Global Industries at $1.07 billion.
Technip said it gains Global's complementary subsea business, supported by 14 vessels, and important geographic positions.
The transaction is expected to be completed in early 2012.
Also in the energy sector today, Tudor Pickering Holt initiated covered on a slew of energy companies today.
The firm rated Hess (NYSE:HES), Petrobras (NYSE:PBR) and Total (NYSE:TOT) a "buy."
Tudor Pickering gave Royal Dutch Shell (RDSa), Chevron (NYSE:CVX) and BP (NYSE:BP) "accumulate" ratings.
And it gave "hold" ratings to Statoil (NYSE:STO), ConocoPhillips (NYSE:COP) and Exxon Mobil (NYSE:XOM).
The iShares Dow Jones U.S. Energy Sector Index Fund (AMEX:IYE), trading down 1% Monday.
The Energy Select Sector SPDR Fund (SLE) is trading down .5%, and the Vanguard Energy ETF (AMEX:VDE) is trading down over 1.2%.
Oil is trading around $87 a barrel Monday, leading the DB Oil Fund (AMEX:DBO) to trade down about .8%.
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