Nabors buys Enserco in ‘friendly’ deal – Oil Country Hot Line – Nabors Industries, Enserco Energy Service – Brief Article
Nabors Industries has joined its U.S.-based rivals in expanding on the Canadian natural gas front via its acquisition of Enserco Energy Service for more than C$400 million ($252 million). Nabors is offering CS 15.50 per Enserco share in cash, or exchangeable shares in a Nabors subsidiary, and interest at an annual rate of 6% until the deal’s completion. Nabors said it would require at least two-thirds of Enserco’s stock being tendered to its offer and a shareholder vote. CEO Gene Isenberg said the deal was driven partly by the expansion of Nabors’ major customers in Canada in recent years. He said, “Enserco’s assets are relatively new, in excellent condition and well suited for the increasingly important role that Canada is playing in the North American natural gas supply picture.”
COPYRIGHT 2002 Gulf Publishing Co.
COPYRIGHT 2002 Gale Group