Kristian Siem’s Subsea 7 has withdrawn its takeover offer for McDermott International after the US offshore services company’s shareholders voted to support a $6bn combination with CB&I.
A key requirement of the Subsea 7 offer was for McDermott not to merge with CB&I, and so the vote effectively killed off any chance of the unsolicited takeover happening.
“Subsea 7 will continue to invest in alternative routes to grow and strengthen its business worldwide, with a focus on differentiation through its market leading capabilities and enabling technology,” Subsea 7 said in a statement.
The transaction between McDermott and CB&I is now expected to be competed by May 10, giving McDermott a 53% stake in the new enlarged entity.
