McDermott International Inc. (NYSE: MDR) and CB&I (NYSE: CBI) said that following the closing of the combination, the combined company intends to retain the name McDermott.
“The name McDermott provides a strong foundation for the combined company and a platform on which we can build our future together,” said McDermott President and CEO David Dickson, who will continue to lead the combined company. “We are known today as a company that delivers excellence in project execution in a cost-efficient delivery structure for the global energy industry. Together, McDermott and CB&I will have the integrated technology, engineering expertise, unmatched experience and global reach to design and build the energy infrastructure of the future.”
The announcement comes after it was reported that Subsea 7 has made a hostile bid to break up the deal.
McDermott in December had agreed to buy onshore engineering company CB&I in an all-stock deal worth $1.86 billion at the time and said this would improve its ability to serve customers worldwide.
The McDermott and CB&I combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott’s and CB&I’s stockholders and other closing conditions.
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