Subsea 7 looks to derail McDermott-CB&I deal

|By:, SA News Editor

Although its approach had so far been rejected, offshore oil services firm Subsea 7 (OTCPK:SUBCY) has offered to buy U.S. peer McDermott (NYSE:MDR) for about $2B.

"The proposal is subject to the termination of McDermott’s pending transaction with Chicago Bridge & Iron (NYSE:CBI)," Subsea 7 declared, adding that it could increase its "proposed price upon further discussions with McDermott management."

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