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We're gettin' there

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Published January 12, 2006 at 4:44 PM

RigSignificant developments happened today to two deals followed closely on TheDeal.com.

Norwegian driller SeaDrill Ltd.’s $2.3 billion bid for rival Smedvig ASA gained approval from the target’s board today, further overshadowing Sugar Land, Texas-based driller Noble Corp.’s December move to take 29% stake in the company.

Last week, SeaDrill offered and then withdrew and then reoffered its bid for its neighbor, with surprisingly enough, not a peep out of Noble.

In other European deal news, what will be the largest buyout in European history if it closes, is back on track after a major shareholder in the acquirer threatened to block it.

Nordic Telephone Co.’s $15.6 billion bid for Denmark telecom TDC A/S is safe, now that Danish pension fund ATP has simmered down. Nordic said today it has taken control of 85.5% of the company’s stock and extended its offer date to Jan. 20. —Carolyn Murphy 

SeaDrill bids for rival Smedvig
Nordic Telephone clinches TDC

 

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