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Wellstream rejects sales negotiations with US conglomerate

UK oil services firm rejects £755m bid from General Electric

06 October 2010

British oil services company Wellstream has rebuffed sales negotiations with US conglomerate General Electric (GE).

The UK firm rejected a 750 pence per share offer from GE, which valued Wellstream at around £755 million.

It is reported that the British company will be receptive to a bid of around 800 pence per share, leaving GE a full 50p a share short of Wellstream's own valuation.

Speculation is now rife that a rival buyer could make an offer for Wellstream, with National Oilwell Varco and Saipem rumoured to be among those interested in the business.

Keith Morris at Evolution Securities claimed Wellstream is worth around 800 pence per share due to its high production levels.

He told the Guardian: "GE's approach looks a tad cheeky in our view and its rejection may flush out another approach. Another suitor may break cover now that GE has laid its cards on the table and indicating that 750p is the upper end of its price range." 

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