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Article: SONAT OFFSHORE DRILLING CLARIFIES AGREEMENT WITH TRANSOCEAN
- Article from:
- PR Newswire
- Article date:
- May 3, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, May 3 /PRNewswire/ -- Sonat Offshore Drilling Inc. (NYSE: RIG) today clarified that its agreement in principle to combine with Transocean ASA, a Norwegian drilling company, is based upon the formation of a U.S. Holding Company called Transocean Offshore which would own Sonat Offshore Drilling and Transocean ASA. Each Sonat Offshore Drilling share would be converted into the right to receive one share of Transocean Offshore stock. Each share of Transocean ASA would be converted into the right to receive .412 shares of Transocean Offshore stock and $5.45 in cash (equivalent in value to .515 shares of Sonat Offshore stock based upon ...