National Oilwell gets antitrust OK for acquisition
HOUSTON (AP) — National Oilwell Varco Inc. said Tuesday that it received antitrust approval for its acquisition of Robbins & Myers Inc., clearing the way for the $2.5 billion deal to close on Wednesday.
National Oilwell said in August that it would buy the fellow Houston-based oil and gas equipment company for $60 per share, but the deal had been bogged down by antitrust investigations in the months since.
National Oilwell makes equipment for production of oil and natural gas, while Robbins & Myers makes pumps and other equipment that control the flow of oil and gas in drilling operations.
The companies said Tuesday that the Department of Justice closed its investigation into the deal and that they also received a letter from the Canadian antitrust officials stating that they didn't plan to take any action in the matter.
In afternoon trading, National Oilwell shares rose 39 cents to $69.72, while shares of Robbins & Myers added 46 cents to $59.99.