Oilfield equipment co. National Oilwell to buy Ameron International

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HOUSTON, July 5 (Reuters) – National Oilwell Varco Inc (NOV.N), the largest U.S. oilfield equipment maker, will buy fiberglass pipe provider Ameron International (AMN.N) for $772 million to expand into the seawater-handling business as global offshore exploration booms.

Under the deal, announced by the companies on Tuesday, Ameron shareholders will receive $85 cash per share, a premium of 28 percent to the stock’s Friday close of $66.27.

The always-acquisitive National Oilwell, now with $14 billion worth of deals under its belt in just five years, is gearing up for anticipated growth in offshore oil production.

Full story: UPDATE 3-National Oilwell to buy Ameron for $772 mln | Reuters